Daily Big Picture : Nifty Finds Support Near 21-DMA; Metal and Auto Stocks Drag

Today’s Action

Nifty, -0.5%; Sensex, -0.5%; Nifty Midcap, -1%; Nifty Smallcap, -0.7%; and Model Portfolio, 0%.

Daily Market Review

Market Status: Rally Attempt 

Nifty opened flat and remained under pressure through the day amid global instability. It breached 11,000 intraday but found support near its 21-DMA and closed around 50 points above day’s low.

On the sectoral front, Nifty Realty (+2.4%), Nifty IT (+1.3%), and Nifty Media (+0.1%) were the top gainers. On the flip side, Nifty Metal (-3.4%), Nifty Auto (-1.9%), and Nifty Pvt Bank (-1.4%) were the top decliners. Out of 2,119 stocks traded on the NSE, 674 advanced, 1,104 declined, and the rest remained unchanged. Nifty Midcap (-1%) and Smallcap (-0.7%) also closed in the red. India VIX advanced 5.2%.

Looking forward, we would like to see a follow-through day before shifting the market back to a Confirmed Uptrend. On the flip side, if Nifty breaches its correction low of 10,637, we will change the market status to a Downtrend.

Upcoming event:

Aug 30: GDP growth rate for Q1 FY20

Key News

Kalpataru Power Tnsm. shares were down 6.8% as the Company received a notice from World Bank regarding violation of process in bid submission by its transmission business on two projects in Africa more than 7 years ago.

Power Grid Corp.Of India received green signal from its board to invest in a solar project worth Rs 2,578 crore in Rajasthan. Further, the Company appointed KSR Murty as its new CFO with immediate effect. The stock was down 0.40%

Dilip Buildcon received provisional certificate for completion of road project in Andhra Pradesh. The stock was down 0.25%

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

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