MARKET PULSE:
Status: Confirmed Uptrend
Highlights:
Three up and two down days
Weekly Market Review:
This week observed the BJP expanding its influence as they won the Gujrat and Himachal elections on Monday. The Nifty and the Sensex extended their gains on Tuesday, to meet with the distribution in Wednesday’s trading sessions. On Thursday, amidst weak global cues, the market traded flat. Today both the Sensex and the Nifty touched fresh highs intraday, and also made an all-time high on a closing basis.
The Nifty opened this week with a gap down at 10,263.10 and gained 1.55% to close at 10,493; while the BSE Sensex posted a gain of 1.53%, after the starting the week at 33,364.52 and closing at 33,462.97. Both the Nifty and the Sensex made new all-time high in today’s trading session.
The Nifty Midcap and SmallCap indices extended their gains further this week as they both gained close to 4.40% this week.
The MarketSmith IND 47 Index, which lists the top 47 stocks in chart and fundamental characteristics, gained a 0.90% this week.
This week, all the sectors were in a rally mood. The top-three sectors were Nifty Realty (+5.04%), Metal (+4.73%), and Auto (+4.22%).
This week, the Nifty dropped one distribution day, due to ageing; hence, the total distribution day count stands at five on the Nifty while four on the Sensex. The status of the market is changed to Confirmed Uptrend
Next week, the Market will remain closed on 25th December, due to Christmas.
During the coming week, the following events could serve as market mover
Foreign Debt numbers are to be released on 29th December.
Federal Fiscal Deficit is to be released on 29th December.
Infrastructure Output data is to be released on 29th December.
Current Outlook:
– Market environment conducive to 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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