Daily Big Picture – Key Indices Observe Stalling Day; Broader Markets Under Pressure

DailyBigPicture-MarketSmithIndia-WilliamOneilIndia

Today’s Action:

The Nifty and the Sensex are on a spree of clocking new highs in three out of the past four trading sessions. Ending nearly flat of high trading volume, the key composites observed a stalling day.

Daily Market Review

The key benchmarks extended their gains to hit all-time highs in today’s session. However, by the end of the day, they consolidated and erased their morning gains to end flat. The broader markets closed at a decent gain, but continue to remain under pressure, trading slightly below their 50-day moving average.

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Daily Big Picture – Key Composites Break Free from Losing Streak

MarketSmithIndia-WilliamOneilIndia

Today’s action:

The major stock indices posted significant gains after declining in the last three sessions. The Nifty Midcap index and Smallcap indices score all-time highs.

Current Outlook:

●      Market environment conducive for new purchases, but remain selective

●      Focus on fundamentally strong stocks breaking out of sound base patterns

●      Stay disciplined and exercise sound buy and sell rules 

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