Daily Big Picture – Markets Trade Flat; IND 47 Stock Outperforms the Key Indices


Today’s Action:

Markets remained flat, amidst negative triggers from Korean Peninsula; investors remain watchful of the September Quarter GDP data yet to be released tomorrow.

Daily Market Review:

Benchmark indices traded flat today, ahead of futures expiry tomorrow. The uncertainty over September quarter GDP, which is to be announced tomorrow, keeps the  investors on their toes.The Nifty started the day flat at 10,376.65 and lost 0.09% to end at 10,361.30. It traded in the range of 10,345.90-10,392.95. The BSE Sensex also traded flat today. After starting the day at 33,664.27 it traded in the range of 33,55312-33,728.81 before settling the day with a loss of 0.05% at 33,602.76.

Broader indices observed some correction today, as both the Nifty Midcap and the Small cap indices lost 0.31% and 0.45%, respectively.

The market breadth, which indicates the overall health of the market was in favor of losers today. On the NSE, 674 stocks advanced and 814  stocks declined. A total of 45 stocks remains unchanged.

Sectoral chart was tilted toward the losers today, the top-three losers were Nifty PSU Bank (0.93%), Media (0.41%), and Metal (0.37%), while the top-gainers were Nifty Realty (+0.89%), Pharma (0.36%), and Auto (0.19).

The MarketSmith IND 47 Index, our proprietary lists of the top 47 stocks in technical chart and fundamental chart, gained 0.16% today outperforming the major indices.

In Stock news, NTPC has floated a tender to acquire commissioned-stressed, coal-based power plants in the country. According to the tender document, the Company will shortlist the suitable operational domestic coal-based power assets in India, after evaluating the offered projects.

Both the indices observed a lower trading volume today. The total distribution day count remains at three on the Nifty and two on the Sensex, while the Indian market remains in 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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