Daily Big Picture – Market Observed A Subdued Day Amidst Weak Global Cues

Today’s Action:

The Nifty faced a resistance at 10,550 mark , as soon as the key indices touched fresh highs they observed heavy sell-off from the investors.

Daily Market Review:

India’s major indices traded flat, for the most part of the day; however, as the indices scaled to new highs, they experienced some distribution as the Nifty added one distribution day today. Broader indices followed the market trend today.

The Nifty started the day at 10,531.05 and made an intraday high of 10,552.40; however, it could not hold on to the top and slipped to 10,469.25 during the day, hence it finally ended the day at 10,490.75 with a loss of 0.39%. The BSE Sensex also touched a fresh high of 34,137.97 today, but the new high acted as a resistance for the stock as the index went on to lose 0.29% during the day. After falling down till 33,839.51 it closed the day at 33,911.81.

Broader indices experienced a subdued trading session today, as both the Nifty Midcap and the Small cap indices lost 0.12% and 0.38%, respectively.

The market breadth, which indicates the overall health of the market was also in favor of losers today. On the NSE, 589 stocks advanced and 972 stocks declined. A total of 31 stocks remain unchanged.

Barring Nifty Pharma (+2.38%), Media (+0.44%), and IT (+0.02%); all the sectors slipped into the negative territory today. The top losers were Nifty Energy (-0.77%), PVT Bank (-0.71%), and Bank (-0.70%).

The MarketSmith IND 47 Index, our proprietary lists of the top 47 stocks in technical chart and fundamental chart, lost a 0.51% today.

Due to higher trading volume, the Nifty attracted one distribution day today; while due to lower trading volume, the Sensex escaped a distribution day. Thus, the distribution day count increases to six on the Nifty while four on the Sensex and the market status remains in Confirmed Uptrend.

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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