Today’s Action:
Benchmark Indices started the holiday-truncated week on a positive note.
Daily Market Review:
Indian markets traded flat today, until some buying in the last 30 minutes of the trade helped the key indices to end in the positive territory. Both the indices touched fresh highs today.
The Nifty gained a 0.37% to close at 10,531.50 in today’s trading session. After opening the day at 10,512.30 it traded in the range of 10,477.95-10,545.45. The BSE Sensex advanced a 0.21% today to close at 34,010.61, it traded in a range between 33,889.75 and 34,061.88.
The Nifty Midcap and Smallcap indices extended their gains by 0.82% and 0.85%, respectively.
The market breadth, which indicates the overall health of the market was also in favor of gainers today. On the NSE, 870 stocks advanced and 615 stocks declined. A total of 47 stocks remain unchanged.
Apart from Nifty PSU Bank (-0.71%), all the sectors ended in green today; the-top three performers were Nifty Metal (+1.21%), Realty (+1.14%), and Pharma (+0.96%).
The MarketSmith IND 47 Index, our proprietary lists of the top 47 stocks in the technical chart and fundamental chart, gained a 0.89% today; hence, outperforming the major indices.
In the Stock news today, Rcom’s shares gained a 36% intraday, after Anil Ambani announced the debt restructuring plan in order to bring down the debt by INR 25,000 crores.
Both the indices observed a higher trading volume compared to last day’s trading session. Talking about the distribution day count, there is no change today; thus, the total distribution day count remains to five on the Nifty while four on the Sensex and the market status is in Confirmed Uptrend.
Current Outlook:
– Market environment conducive to 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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