Today’s Action
Nifty, +1.4%%, Sensex, +1.3%, Model Portfolio, +0.2%; MSI Ind 47, +1%, Nifty Midcap +0.7%, Smallcap +1.1%.
Daily Market Review
Market Status: Uptrend Under Pressure
The Nifty rebounded from its 50-DMA, and closed above important resistance of 100-DMA. From the last four weeks, the Nifty was range bound between 50-and 100-DMA. If the Nifty is able to sustain above the 100-DMA in the upcoming sessions, it will be positive signal for any further momentum. Now, 10,985 will be the key level to watch. If the Nifty closes above 10,985, the market status will be changed to a Confirmed Uptrend.
On the sectoral front, all indices closed in the green. Nifty IT (+3.1%) was the top gainer as Wipro (+5.5%), Infosys (+3.5%) and Tata Consultancy Svs. (+3.0%) led the gains. Media(+1.2%), Realty (+1.8%) and Metal (+1.6%) were the other sectoral gainers. Reliance Industries (+3.1%) leveraged the gains for Nifty Energy (+2.3%) as well as the Nifty50.
The advance-decline ratio was in favor of advancers. Of the 2,061 stocks traded on the NSE, 1,081 advanced, 611 declined, and 369 remained unchanged.
Stocks in News
Zee Entertainment Ents. reported its Q3 FY2019 numbers after market hours. The revenue was up 17.9% while the net profit was up 50%, above consensus estimates. The ad revenue was up 20%, while domestic subscription revenue was up 28%. The stock is trading below all key moving averages and looks weak according to O’Neil Methodology.
Wipro is likely to consider bonus issue in the board meeting later this week. The stock was up 5.5% today and is trading above all key support levels.
Leaders Up on Volume: Iol Chemicals & Pharms. (+7.3%), Sakuma Exports (+6.7%), N R B Bearings (+2.6%)
Leaders Down on Volume: Aditya Fash.& Retail (-2.6%), Sequent Scientific (-2.2%), Avenue Supermarts (-0.5%)
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