Today’s Action:
Nifty records modest gain, powers up in the final hour.
Daily Market Review :
The bulls continued to reign over the market, as both the Nifty and Sensex scored gains of almost 0.3% and 0.5%, respectively.
Today’s session started on a gloomy note for the bourses, but benchmark indices flexed up their muscles in the final hours.
The broader market failed to enthuse investors as both the indices gave away their early gains to end marginally lower. The Nifty Midcap and Smallcap recorded losses of 0.1% and 0.4%, respectively.
Sectoral chart gave a mixed view today. The top-performing sectors were Nifty Financial Services (+0.7%), Private Bank (+0.6%), and Realty (+0.4%). On the down side, Nifty IT (-2%), Metal (-1.9%) and Media (-1.7%) had a forgettable day.
Our proprietary list of leading stocks, the MarketSmith India IND 47 index advanced 0.4% in today’s session.
Today’s gain helped the key indices to add more space above their key moving averages. Currently, both the indices are comfortably trading above their key support levels of 50- and 200-DMA with zero distribution day. Hence, the market remains in a Confirmed Uptrend.
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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