Today’s Action:
After starting the day flat, benchmark indices ended the day with modest gains; however, broader indices extended their gains.
Daily Market Review:
Key indices traded flat for most hours in today’s trading session. However, some spurt in trading volume, during the last hour, helped the indices to extend their gains. Broader Indices outperformed the benchmark indices.
The Nifty started the day flat today at 10,287.20 and gained 0.15% to end at 10,298.75. The trading range, for the Nifty, was observed between 10,261.50 and 10,309.85. Similarly, the BSE Sensex ended the day almost flat with marginal gains of 0.05% at 33,359.90. After opening at 33,365.84 it traded in the range of 33,288.21-33,449.53.
The broader indices displayed a stellar performance today, as both the Nifty Midcap and the Smallcap indices gained 0.79% and 0.54%, respectively.
The market breadth, which indicates the overall health of the market was in favor of gainers today. On the NSE, 968 stocks advanced and 548 stocks declined. A total of 47 stocks remains unchanged.
Sectoral chart displayed a mixed picture today, the top-three performers were Nifty Realty, Metal, and Energy gaining 2.12%, 1.31%, and 0.98%, respectively, while the Nifty PSU Bank, IT, and Media were the top losers as they lost 0.92%, 0.45%, and 0.23%, respectively.
The MarketSmith IND 47 Index, our proprietary lists of the top 47 stocks in technical chart and fundamental chart, gained 2.05% today outperforming the major indices significantly.
In stock news, Bharti Airtel has made an alliance with Ericsson to develop 5G technology in India. This tie up might help the Company to regain its market share by attracting customers; because once it is implemented, it will become the fastest internet connection in the country.
Both the Sensex and the Nifty observed a lower trading volume today, compared to Friday’s trading session. The distribution day count remains at three on the Nifty and two on the Sensex, while the Indian market remains in a Confirmed Uptrend.
Current Outlook:
– Market environment conducive for new purchases, but remain selective.
– Focus on fundamentally strong stocks breaking out of strong technical patterns.
– Stay disciplined and exercise sound buy and sell rules.
To Read Detailed Reports including Stock Recommendations, Idea Lists, Evaluate Stocks etc. Subscribe to MarketSmith India.