Weekly Big Picture – Bulls March Firmly Toward Record Highs



Status: Confirmed Uptrend


Four up days, one down day

Weekly Market Review:

Key Indices started the week on a strong note and remained bullish, for most of the days, in the week. Markets touched fresh highs, for most of the days, in the week. The week observed the Nifty closing above 10,300 mark, while the Sensex also crossed the 33k mark on a closing basis.

The Nifty started the week at 10,176.65 and traded in the range of 10,124.50-10,366.15. The index closed for the week at 10,323.05, up 1.74% from last week’s close. After opening at 32,411.86 the Sensex gained 2.36% this week to settle at 33,157.22. The index traded in the range of 32,312.74-33,286.51.

This week the Nifty lost one distribution day; thus, taking the distribution day count to 3 in the Nifty, while the distribution day count remains 4 on the Sensex and the Indian Market remains in confirmed uptrend.

Broader indices also extended their gains this week, as the Nifty Midcap and the Smallcap indices advanced 2.93 % and 3.77%, respectively.

In the Sectoral chart, Nifty PSU Bank, Media, and Metal were the top-most gainers for the week with gains of 28.96%, 6.57%, and 2.38%, respectively. The only two losers, for the week, were Nifty PVT Bank and IT with losses of 0.62% and 0.44%, respectively.

On Tuesday, the government announced the bank recapitalization plan to help the banks to overcome their bad loans problem. This news led the Nifty PSU bank indices to gain almost 30% in three trading sessions.

Next week, on Wednesday and Friday, the Nikkei Market Manufacturing Purchasing Managers Index (PMI) and Nikkei Services PMI are expected to release data, respectively. This could turn out to be a market mover in the next week.

Leaders Up on Volume:, {500298} (+15%),{AJMERA} (+12%), {GAIL} (+8.74%),

Leaders Down on Volume: {LEEL} (-4.52%), {BALKRISIND} (-2.95%), {FEDERALBNK} (-3.34%)

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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