Daily Big Picture : Nifty Gains 2.1%, Retakes 11,000; Fin Service and Realty Stocks Lead the Rally

Today’s Action

Nifty, +2.1%; Sensex, +2.2%; Nifty Midcap, +1.6%; Nifty Smallcap, +2.3%; and Model Portfolio, 0%.

Daily Market Review

Market Status: Downtrend 

Nifty reacted positively to the series of announcements by the government last Friday, gained around 230 points in the day and closed near day’s high. Nifty regained the whole of last week’s loss today.

On the sectoral front, barring Nifty Metal (-0.1%), all sectors ended in the green. Nifty Fin Service (+4%), Nifty Realty (+3.7%), and Nifty Bank (+3.7%) were the top performers. Out of 2,130 stocks traded on the NSE, 1,300 advanced, 493 declined, and the rest remained unchanged. Gains in Nifty Midcap (+1.6%) and Smallcap (+2.3%) were in line with market. India VIX declined 4%.

Last Friday, Nifty closed in the green and was considered as day 1 of an attempted rally. Today will be counted as day 2 of an attempted rally, as Nifty stayed above its day 1 low of 10,637. Looking forward, we will shift the market back to a Rally Attempt if Nifty stays above day 1 low (10,637) tomorrow. Afterward, we would like to see a follow-through day before shifting the market back to a Confirmed Uptrend.

Upcoming event:

Aug 30: GDP growth rate for Q1 FY20

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