Today’s Action
Nifty, -0.4%, Sensex, -0.4%, Model Portfolio, -0.3%; MSI Ind 47, +0.05%, Nifty Midcap, -0.1%, Smallcap -0.2%.
Daily Market Review
Market Status: Uptrend Under Pressure.
The Nifty’s distribution day count stands at five.
Today, the Nifty added a distribution day as it was down more than 0.2%, on volumes higher than last session. This takes the distribution day count to five. Intraday, the Nifty hits a low of 10,864, from where it was able to rebound and closed at 10,922.
Though the Nifty is able to trade above its key moving averages, rising distribution day count is a concern. We will downgrade the market to a Downtrend, if the Nifty adds one more distribution day or breach its 50-DMA which is ~1% below current level.
The advance-decline ratio was in favor of decliners. Of the 2,058 stocks traded on the NSE, 536 advanced, 1,157 declined, and 365 remained unchanged.
On the sectoral front, Nifty Metal (-2.2%), Media (-1.4%), and PSU Bank (-1%) were the top losers. On the flip side, Nifty Pharma (+2.1%) was the top gainer. According to O’Neil Methodology, only Pharma is in a Downtrend. Nifty FMCG, Banks, Financial Services, Energy, and Reality are in a Confirmed Uptrend.
Stocks in News
T V S Motor: The Company’s Q3 FY 2019 results were above consensus estimates. Net profit was up 15.5 y/y. Revenue was up 26.1% y/y. The stock was up 3.1% and retook its 50-DMA on above average volume. It is trading ~2.5% below the 200-DMA, which is a strong resistance since last one year.
Havell’s India: It’s Q3 FY 2019 revenue beat consensus estimates. Revenue was up 28% y/y. Though the margins were below consensus estimates. The stock was up 5% on above average volume. Technically, the stock retakes 50-DMA and is trading just below its all-time high.
Asian Paints: The Company’s Q3 FY2019 results beat consensus estimates. PAT was up 14.6% y/y. Revenue was up 23.6% y/y. The margins were under pressure due to high prices of raw material. The stock was down 1.1% today.
Leaders Up on Volume: Info Edge (India) (+5.7%), Havell’s India (+5%), and Niit Technologies (+2.1%),
Leaders Down on Volume: National Peroxide (-6.1%), Sequent Scientific (-2.4%), and Iol Chemicals & Pharms. (-2.9%)
What do you think? Please email us any questions or comments.
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