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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