Today’s Action:
Major indices extend their rally; broader market outperformed.
Daily Market Review:
The Indian market started the truncated week on a robust note. Tracking positive Asian cues, the benchmark indices observed a gap up opening in today’s trade, but the market remained range bound for the most part of the day. The Nifty was up 0.4% whereas the Sensex rose 0.6% crossing the psychological mark of 10,700 and 35,000, respectively.
In the broader market, mid caps and small caps outperformed the benchmark indices as they recorded gains of 0.8% and 1.4%, respectively.
For a change, all the sectoral indices ended in green except Nifty Energy (-1.9%). Among all, Nifty PSU Bank (+1.7%), Realty (+1.6%) and IT(+1.4%) were the top performers.
Overseas, Asian markets edged higher. Investor sentiments improved as North and South Korea move closer for peace and plan to denuclearize their weapons.
Coming back to home, market breadth remained in favor of gainers once again. Of the 1,657 stocks traded on the NSE, 853 advanced, 703 declined, and 101 remained unchanged.
Our proprietary list of leading stocks, the MarketSmith India IND 47 index continued to gain on par with the key indices, advancing 0.7% in today’s session.
The major indices continues to add more space above its 50- and 200-DMA line. With no distribution day so far and both the indices trading comfortably above their key support levels of 50- and 200-DMA, the market remains in a Confirmed Uptrend. The Indian market will be closed tomorrow on account of Maharashtra Day.
Current Outlook:
– Market environment conducive for purchases, but remain selective.
– Focus on fundamentally strong stocks breaking out of strong technical patterns.
– Stay disciplined and exercise sound buy and sell rules.
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