Today’s Action:
Key Indices managed to sustain their opening gains as the day progressed, the Nifty and the Sensex changed the bearish track midway last week, and continued their rally.
Daily Market Review:
Key Indices extended their gains in today’s trading session, strongly marching toward their all-time high, broader indices also followed the key indices. A lower trading volume was observed today compared to Friday’s trading session.
The Nifty started the day positively, tracking weak cues from its Asian peers, and went on to gain 0.55% to close at 10,322.25. It traded in the range of 10,282.05-10,329.20. The BSE Sensex also extended its gains as it gained 0.62% in today’s trading session, it traded in the range of 33,313.17-33,535.97 and closed at 33,455.79
Broader indices also displayed a cheerful trading session today. The Nifty Midcap and the Nifty Smallcap gained 0.53% and 0.41%, respectively, today.
The market breadth, which indicates the overall health of the market was also in favor of gainers today. On the NSE, 774 stocks advanced and 725 stocks declined. A total of 31 stocks remain unchanged.
Apart from Nifty Realty (-0.17%) and Energy (-0.27%), all sectors ended in green today; thus, justifying the hold of bulls over the market. The top sectors to gain were Nifty IT (1.35%), PSU Bank (1.12%), and Pharma (+0.96%).
The MarketSmith IND 47 Index, our proprietary lists of the top 47 stocks in the technical chart and fundamental chart, outperforms to post a gain of 1.13% today.
In the stock talk, Parag Milk surged an 11% on the partnership with TajSATS air catering, for the supply of dairy products. The Company sold its products under the brand names—“Gowardhan” and “Go.”
The distribution day count remains at five, on both the indices, while the market status remains at ‘’Uptrend Under Pressure.”
Current Outlook:
– Be cautious with any new purchases.
– Make a defensive game plan for your portfolio.
– Stay disciplined and exercise sound buy and sell rules.
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