Today’s Action
Nifty, +0.6%; Sensex, +0.6%; Model Portfolio, +0.7%; Nifty Midcap, +0.7%; Smallcap, +0.02%
Daily Market Review
Market Status: Uptrend Under Pressure
Benchmark indices closed positive for the second session in a row. Nifty hit an intraday high of 11,670.05 in the last hour from the day’s low of 11,573.95. The broader market also performed well with Nifty Midcap and Smallcap closing 0.7% and 0.2% higher, respectively.
On the sectoral front, barring Nifty IT (-0.6%) and Media (-0.3%), all other sectors closed in the green. Nifty Realty (+1.9%) emerged as the top gainer followed by Nifty Pharma (+1.5%) and PSU Bank (+1.4%). The advance-decline ratio leaned toward decliners. Of the total 2,094 stocks traded on the NSE, 853 advanced, 912 declined, and the rest ended flat.
On July 8, we changed the market status to an Uptrend Under Pressure from a Confirmed Uptrend, driven by factors such as the Nifty breaching its 50-DMA, accumulation of distribution days, and stalling days. The distribution day count now stands at three on the Nifty. From here, if 2-3 more distribution days are added, we will change the status to a Downtrend. The status will be back to a Confirmed Uptrend if Nifty retakes 12,104 (its high during the recent rally).
Key News
Yes Bank: The stock rallied 11.4% today after a media report suggested that private equity firms were showing interest in taking a majority stake in the Company. The Company will report its Q1 FY20 earnings tomorrow.
Hdfc Asset Mgmt: The stock gained 2.9%% today. The Company reported its Q1 results today, which was taken positively by the market. Its market share in total AUM increased from 13.2% in June 2018 to 14.7% in June 2019. SIP contribution remains the same q/q. while grew only 6.5% y/y.
What do you think? Please email us any questions or comments.
Continue reading with a MarketSmith India Premium subscription…
To Read Detailed Reports including Stock Recommendations, Idea Lists, Evaluate Stocks etc. Subscribe to MarketSmith India.
As per William O’Neil recommendations, INFY (Gap up 4.9%, 7.2% up , 2.7X delivery volume where X is 50 day average delivery volume ), creditacc (6%, 6.6X), gspl (3.6% up, 1.3x)