Daily Big Picture : Nifty Ends Below 10800; Midcap and Smallcap Stocks Outperform

Today’s Action

Nifty, -0.1%; Sensex, -0.1%; Model Portfolio, +0.8%; MSI Ind 47, +0.4%; Nifty Midcap, +0.5%; Smallcap, +0.8%.

Daily Market Review 

Market Status: Rally Attempt

The market continued to lose for the third consecutive day. The Nifty failed in its attempt to retake the 200-DMA during the day. Currently, it is trading below key moving averages of 50- and 200-DMA. The broader market indices, Nifty Midcap and Smallcap, were able to post gains.

It was mixed reaction on the sectoral front, four out of 11 sectors were in losses. Nifty IT (-1.1%) and Auto (-0.8%) were the top losers, while Realty (+1.0%) and Media (+0.9%) were the top gainers.

The market status remained unchanged. We will look for a legitimate follow-through day after which we will change the market status to a Confirmed Uptrend. We will downgrade the market to a Downtrend if it breaches the 10,583.60 level (low of Day 1 of the attempted rally).

The advance-decline ratio was in favor of losers. Of the 2,067 stocks traded on the NSE, 1,074 advanced, 639 declined, and 354 remained unchanged.

Stocks in News

Future Retail: The Company signed a master franchise agreement with Japanese 7-Eleven convenience store to develop and operate its stores in India. The stock was up 3.2% today.

Lupin: The Company announced the launch of Ranolazine extended-release (ER) tablets for the treatment of chronic angina in the U.S. market. The stock was down 0.6% today.

Leaders Up on Volume: Astrazeneca Pharma India (+3.9%), Havell’s India (+3.2%), and N R B Bearings (+3.0%)

Leaders Down on Volume: Wipro (-1.5%), Info Edge (India) (-1.1%), and Aurobindo Pharma (-1.0%)

What do you think? Please email us any questions or comments

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