Today’s Action
Nifty, -0.4%, Sensex, -0.4%, Model Portfolio, -1.0%; MSI Ind 47, -0.1%, Nifty Midcap, +0.6%, Smallcap +0.7%.
Daily Market Review
Market Status: Rally Attempt
The Nifty, after breaching its 50-DMA yesterday, extended its bearish stance for the fifth consecutive session and closed below 10,750 level. Huge sell-off was seen in Nifty Energy (-1.7%), IT (-1.1%), and Financial Services (-0.6%).
While Bharat Petroleum (-4.2%) and Indian Oil (-4.0%) were the top losers from the Energy sector, Infosys (-2.0%) and Tata Consultancy Svs. (-1.0%) dragged the IT index.
The market status remained unchanged. With the Nifty breaching its key support levels, we will downgrade the market to a Downtrend, if it breaches the 10,583.60 level (low of Day 1 of the attempted rally). On the other side, we will look for a legitimate follow-through day, after which we will upgrade the market to a Confirmed Uptrend.
The advance-decline ratio was in favor of losers. Of the 2,066 stocks traded on the NSE, 836 advanced, 875 declined, and 355 remained unchanged.
On the macro front, amid softening prices of fuel and some food items, the WPI hits a 10-month low of 2.76% in January compared with 3.8% in December and 3.02% in January 2018.
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