At 8:00 am IST, SGX Nifty Futures was trading at 15,429, compared with Nifty’s Friday close of 15,436.
Market Pulse: Confirmed Uptrend
Distribution Day Count: Three
Global stock markets: Dow30, +0.2; S&P 500, +0.1%; Nasdaq, +0.1%; Kospi, +0.1%; Nikkei, -0.8%; Shanghai Composite, -0.3%
Nifty opened around 100 points higher on Friday and traded in a relatively narrow range. It made a new all-time high of 15,469 in the trading session. Gains were predominantly due to the surge in index heavyweight Reliance Industries (+6.0%). The broader market indices underperformed as Nifty Midcap (-0.04%) and Smallcap (-0.7%) closed in the red. The advance-decline ratio was in favor of decliners. Of the 2,040 stocks traded, 769 advanced, 1,206 declined, and the rest remained unchanged. On the sectoral front, mixed reactions were observed. Nifty PSU Bank (+0.7%) advanced the most followed by Nifty Financial Services and Nifty Metal which advanced 0.3% higher.
Last week, Nifty hit an all-time high and is currently trading 3.4% and 4.6% above its 21- and 50-DMA, respectively. We would like the index to hold its 21-DMA and/or 50-DMA and trade above that. Without trying to predict and decode stories, we will take what the market gives and continue to monitor unfolding conditions. If the index falls further, adds a distribution day, and breaches its key moving averages, we may change the market status to an Uptrend Under Pressure. Focus on quality ideas emerging out of sound bases with RS line at or near new highs while reducing exposure to stocks breaking below key support levels.
Key Results Today: Aurobindo Pharma, Panama Petrochem, Narayana Hrudayalaya, Hnywell Atmtn Ida, and others.
Key News:
Divis Laboratories (Nse) reported its Q4 FY21 results. Revenue was up 28.7% y/y to Rs 1,788 crore. PAT surged 29.3% y/y to Rs 502 crore.EBITDA was up 61.2% y/y to Rs 716.3 crore.
Bank of Baroda reported its Q4 FY21 results. NII was up 4.5% y/y to Rs 7,107 crore. The bank reported a loss of Rs 1,047 crore as against a loss of Rs 506.6 crore for the same period last year.
Affle (India) reported its Q4 FY21 results. Revenue was up 76.9% y/y to Rs 142 crore. PAT advanced 283% y/y to Rs 58.6 crore.
Buy Watchlist: Ion Exchange India, Page Industries , Action Construction Equ., State Bank Of India, Ambuja Cements, Eveready Inds.(India), Varun Beverages, Colgate-Palmolive India, Sharda Cropchem, Astral, I G Petrochemicals, Berger Paints India, Icici Bank, Ramkrishna Forgings, Gujarat State Petronet, Apollo Hosps.Enterprise, and Apollo Tricoat Tubes
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