Daily Big Picture – Market Inches Higher For Sixth Day In A Row

Today’s Action:

Benchmark indices extend their gains. Broader markets outperform major composites.

Daily Market Review:

The Indian market started the day on a positive note and gained momentum, as the day progress. Despite a few dips in the mid-session, both the indices managed to close on a positive note. This is the sixth straight session, where both the benchmark indices closed in the positive territory.

The Nifty started the day at 10,358.45 and gained 0.06% to end at 10,348.75. It traded in the range of 10,307.55-10,374.30. The BSE Sensex started the day at 33,575.55 and gained 0.25% today. After trading in the range of 33,465.23-33,654.53 it ended the day at 33,561.50.

The Nifty Midcap and Smallcap continued their winning momentum as they added gains of 0.29% and 0.85%, respectively.

The market breadth, which indicates the overall health of the market, was in favor of gainer today. On the NSE, 803 stocks advanced and 677 stocks declined. A total of 50 stocks remain unchanged.

From the sectoral chart, Nifty IT outperforms the benchmark with a gain of 1.02%. Other indices, Nifty Energy(+0.83%) and Nifty Media(+0.26%) too depicted a strong trend. On the downside, Nifty PSU bank (-0.36%), Fin Service (-0.32%), and Metal (-0.26%) were the top-three losers.

The MarketSmith IND 47 Index, our proprietary lists of the top 47 stocks in technical chart and fundamental chart, gained 0.17% today, outperforming the major indices.

Among the major news, Arrow Greentech increased 7.38% intraday today, after the Company received grant for a patent name “method of manufacturing embedded water soluble film carrier.” The news came on Wednesday, after the market close.

Today, the Nifty dropped the October 18 distribution day due to ageing, giving some relief to their high distribution day count.  The distribution day count, for the Sensex and the Nifty, now stands at 2.0 each. The Indian market condition 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.

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