MARKET PULSE:
Status: Confirmed Uptrend
Highlights:
Two up days, one down day
Weekly Market Review:
This equity benchmark started the holiday truncated week on Monday with heavy gains, as both the indices made fresh highs. However, after gaining a bullish momentum, the indices started consolidating; therefore, on tuesday the Nifty ended almost flat while the Sensex ended in red.
Today, the Nifty observed some heavy distribution as it gained one distribution day, while the Sensex also posted a loss of almost 25 points.
The Nifty started the week at 10,207.40 and traded in the range of 10,175.10-10,251.85. The index closed for the week at 10,210.85, up 0.42% from last week's close. After opening at 32488.23, the Sensex gained 0.46% this week to settle at 32,584.35. The index traded in the range of 32,445.43-
32699.86
This week, as the Nifty crossed its previous resistance level of 10,175 on Monday and went on to make a new all-time high, we changed the market status to Confirmed Uptrend. Talking about the distribution day, today, the Nifty added one distribution day, thus taking the distribution day count
to four in both the indices.
Broader indices also extended their gains this week, as the Nifty Midcap and the Smallcap indices advanced 0.77 % and 1.13%, respectively.
The MarketSmith IND 47 Index, which lists the top 47 stocks in chart and fundamental characteristics, lost 0.57% this week.
In the Sectoral chart the Nifty Energy, Realty, and Metal were the top-most gainers for the week with gains of 3.04%, 1.91%, and 1.83%, respectively. On the losing side, the Nifty PSU Bank, Media, and the Private Bank were the top-three losers were with loses of 2.73%, 1.86%, and 1.80%, respectively.
Tomorrow, due to Diwali, market will remain open just for Muhurat Trading from 6:30 pm to 7:30 pm, and on Friday market will remain closed.
Current Outlook:
– Market environment conducive for new purchases, but remain selective.
– Focus on fundamentally strong stocks breaking out of strong technical patterns.
– Stay disciplined and exercise sound buy and sell rules
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