Weekly Big Picture : DHFL Reports its Q3 Results. Get the best stock market predictions here

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 was a mixed reaction on the sectoral front. Nifty Auto (-2.3%), PSU Bank (-1.9%), and Realty (-1.3%) were the major decliners. Nifty Media (+2.1%) gained the most, followed by meager gains by Pharma (+0.4%) and Bank (+0.4%).

Looking forward, we would like to see Nifty retaking its 50-DMA and sustain above it. To increase optimism, we would prefer to see a follow-through day. If it occurs, we would shift the market back to a Confirmed Uptrend.

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Performance computations reflect a -weighted rate of return and includes a brokerage of 0.5%. All holdings are rebalanced to equal rupee amounts daily. Dividends are not considered in computations. Percent gains and losses are calculated for all issues that remain on the “Current Holdings” at the end of the day. For stocks that were added to “Current Holdings”, the basis used to calculate the percent change is the price noted when the issue appeared as a “Current Holdings” in MarketSmith India. For stocks that were removed, the selling price used to calculate the percent is the price note d when the issue appeared as “Removed” in the MarketSmith India. For more information, see our Legal disclosures here.

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