Nifty, -1.7%; Sensex, -1.6%; Nifty Midcap, -1.9%; Nifty Smallcap, -2.8%; and Model Portfolio, 0%.
Daily Market Review
Market Status: Downtrend
Nifty opened below yesterday’s close and remained bearish throughout the day. It closed near day’s low with a significant decline of about 180 points amid heavy selling pressure. With Nifty breaching its previous correction low of 10,783, we moved the market to a Downtrend from a Rally Attempt.
On the sectoral front, barring Nifty IT (+0.2%), all sectors ended in the red. Nifty Realty (-6.7%), Nifty PSU (-3.6%), and Nifty Metal (-3.6%) were the top decliners. Out of 2,103 stocks traded on the NSE, 368 advanced, 1,433 declined, and the rest remained unchanged. In the broader market, Nifty Midcap (-1.9%) and Smallcap (-2.8%) both closed in the red. India VIX advanced 4.8%.
We advise investors to trim their positions and reduce market exposure. In addition, investors should closely watch out for price-volume action in the market and immediately take action to sell signals. Looking forward, we will shift the market back to Rally Attempt if Nifty sets up a bottom and stays above it for three consecutive sessions. Afterward, we would like to see a follow-through day before shifting the market back to a Confirmed Uptrend.
Upcoming events: Aug 23: FX Reserve (USD)
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Dlf was down 16.7% on the account of Supreme Court’s notice to the company for hiding material information about legal proceedings against its largest asset in Haryana.
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