Nifty Declined Sharply In Last Hour; ITC Down 4.3% Post Results

Today’s Action 

Nifty, -0.8%, Sensex, -0.9%, Model Portfolio, -0.7%; MSI Ind 47, +0.05%, Nifty Midcap, -0.1%, Smallcap -0.3%.

Daily Market Review

Market Status: Uptrend Under Pressure.

The Nifty’s distribution day count stands at five.

Today, the Nifty was trading flat during the first half of the trading session. During the last hour, the Nifty declined sharply and closed just above its 200-DMA, after breaching it intraday. It just escaped a distribution day, as the volumes were marginally lower than yesterday. With the distribution day count at five, we will downgrade the market to a Downtrend, if the Nifty adds one more distribution day or breach its 50-DMA which is ~0.5% below the current level.

The advance-decline ratio was in favor of decliners. Of the 2,058 stocks traded on the NSE, 682 advanced, 1,012 declined, and 364 remained unchanged.

On the sectoral front, Nifty FMCG (-1.7%), PSU Bank (-1.3%), and Financial Services (-1%) were the top losers. On the  flip side, Nifty Media (+1.3%) 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 

Continue reading with a MarketSmith India Premium subscription.

To Read Detailed Reports including Stock Recommendations, Idea Lists, Evaluate Stocks etc. Subscribe to  MarketSmith India.

Leave a Reply

Your email address will not be published. Required fields are marked *