Daily Big Picture : Nifty Gains for the Third Consecutive Day; Grasim Plans to Acquire Soktas India

Today’s Action

Nifty, +0.6%; Sensex, +0.5%; Model Portfolio, +2.0%; MSI Ind 47, +0.8%; Nifty Midcap, +0.6%; Smallcap, +0.7%.

Daily Market Review 

Market Status: Rally Attempt

The Nifty reclaimed key psychological level of 11,000 today, carrying the yesterday’s momentum. The next hurdle is at 11,118 on the upside, it is trading above its key moving averages.

Nifty Media (-1.3%) and Auto (-0.3%) were the only losers, whereas, Pharma (+1.1%) and Realty (+0.8%) led the market. Bharat Petroleum (+2.8%), Bajaj Finance (+2.7%) were the top gainers while Zee Entertainment Ents. (-2.8%) and Tata Motors (-2.7%) were the top losers among Nifty50 stocks.

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 gainers. Of the 2,071 stocks traded on the NSE, 1,173 advanced, 600 declined, and 298 remained unchanged.

Stocks in News