Today’s Action:
Key Indices traded flat today, Nifty Midcap indices managed to post some gains, Banking stocks lost the most.
Daily Market Review:
Benchmark Indices experienced a volatile trading session today. Both the indices opened positively , however, it could not sustain the morning gains and ended the day flat almost flat with modest gains.
The Nifty started the week positively 10,175.05 and gained 0.06% to end at 10,127.75. It traded in the range of 10,095.70-10,179.20. The BSE Sensex also opened higher today. After starting the day at 32,968.02 it traded in the range of 32,785.76-33,008.47 before settling the day with gains of 0.11% at 32,869.72.
Talking about broader indices, the Nifty Midcap gained 0.30% today while the Smallcap indices extended their loses by 0.74% today.
The market breadth, which indicates the overall health of the market was in favor of losers today. On the NSE, 562 stocks advanced and 946 stocks declined. A total of 53 stocks remain unchanged.
Sectoral chart displayed a mixed picture today, the top gainers were Nifty IT (1.22%), PSU Bank (0.37%), and Metal (0.36%), while the top losers were Nifty PVT Bank (-0.59), Bank (-0.46%), and Realty (-0.38%).
The MarketSmith IND 47 Index, our proprietary lists of the top 47 stocks in technical chart and fundamental chart, lost 0.58 % today.
In Stock talk, the shares of Infosys gained 3% intraday, after Sahil Parekh was named as the new CEO of Infosys. Sahil was working with Capgemini before joining Infosys, and has headed the Company in their global operations.
Biocon was trading more than 14% intraday after US FDA approved Biosimilar version of Herceptin, a drug used for breast cancer and metastatic stomach cancer therapy.
Both the indices observed a higher trading volume today. The total distribution day count remains at four on both the indices, while the Indian market remains in Confirmed Uptrend.
Current Outlook:
– Market environment conducive for new purchases, but remain selective.
– Focus on fundamentally strong stocks breaking out of strong technical patterns.
– Stay disciplined and exercise sound buy and sell rules.
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