Daily Market Review
Market Pulse : Rally Attempt
Nifty opened with a gap down of 70 points. It consolidated a bit before succumbing to selling pressure. It shed around 250 points to end near the day’s low of 11,813. In the process, it breached its key support of the 100-DMA. Currently, it is trading 2.5% and 1% below its 50- DMA and 100-DMA, respectively. It is crucial for Nifty to not breach its 200-DMA (11,682). All Nifty50 stocks ended in the red.
Weekly Action
Nifty, -0.3%; Sensex, -0.2%; Nifty Midcap, -0.2%; Nifty Smallcap, +0.04%; and Model Portfolio, +1.7%.
Market Pulse Rally Attempt
Weekly Market Review
After closing below 50-DMA last Friday, Nifty started the week on a weaker note. It was volatile through the week. Today, it tested its 50-DMA (12,148) but couldn’t close above it. Also, the broader market was weak. Nifty Midcap and Smallcap bounced back from their 50-DMA.
It is difficult to identify the start of a major stock market uptrend if you are relying on headlines and news. By the time, reporters figure out what’s going on in the stock market, the best part is over.
At MarketSmith India, we have a defined set of rules to identify the upturn in the market. It will remove any personal judgment.
