Daily Big Picture:Market Prediction Today as Nifty Stages a Downside Reversal

Today’s Action

Nifty, -4%; Sensex, -4.1%; Nifty Midcap, -2%; Nifty Smallcap, -1.5%; Model Portfolio, 0%

Daily Market Review

Market Pulse: Confirmed Uptrend

Nifty staged a downside reversal closing near the lows but on a lower volume. Nifty Bank and IT saw high selling pressure. Yesterday, volume and percentage gains met our threshold. Hence, we considered it as a follow-through day and upgraded the market to a Confirmed Uptrend. However, we didn’t add any stocks to our portfolio and asked investors to be careful if they take any fresh position as follow-through days after such sharp and dramatic correction can fail and more time should be given to the market to prove its strength.

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Daily Big Picture: FMCG, Pharma ,Metal Stocks Gained up 4-5%

Today’s Action

Nifty, +3.8%; Sensex, +3.6%; Nifty Midcap, +2.3%; Nifty Smallcap, +3.1%; Model Portfolio, 0%

Daily Market Review

Market Pulse: Confirmed Uptrend

Nifty ended the day with strong gains, up about 3.5%, on higher volume than yesterday’s session. As the volume was higher and percentage gains met our threshold, today’s action was considered as a follow-through day.Hence, we upgraded the market to a Confirmed Uptrend. We did see some decent percentage gains by many leaders, but most of them are still below their key moving averages.

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Daily Big Picture: Nifty at an intraday high of 8,576; as Lupin receives a nod from USFDA

Today’s Action

Nifty, -4.4%; Sensex, -4.6%; Nifty Midcap, -2.8%; Nifty Smallcap, -2.3%; Model Portfolio, 0%

Daily Market Review

Market Pulse: Rally Attempt

Nifty, after opening around 300 points lower, surged higher to make an intraday high of 8,576. However, as the day progressed, it continued to decline to end below 8,300. Today’s action has put an end to the last four session’s rally. 76% of Nifty 50 stocks have declined, with Bajaj Finance (-11.8%) and Housing Development Fin. (-11.1%) being the major decliners.

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