Market Pulse:
Confirmed Uptrend
Weekly Action:
One down and four up days. Nifty, +0.6%; Sensex, +0.8%; Model portfolio, +1.1%; and MSI Ind 47, +xx%.
Weekly Market Review:
With the continuation of a previous bull run, the Indian market started the week on a robust note and continued to trade higher till the fourth day of the week.
Today’s session was marred by profit booking activity as the Nifty and the Sensex each dropped 0.4%.
During the week, both the Nifty and the Sensex hit new highs of 11,400 and 38,000 and clocked weekly gains of 0.6% and 0.8%, respectively. Optimism over Q1 earnings boosted the investor’s sentiment.
The broader market observed a divergent trend, as the Nifty Midcap posted weekly gains of 0.1%, whereas Smallcap gave away 0.6%.
On the sector front, most sectors ended positive barring Nifty Pharma (-3.8%). Among the positive ones, Nifty Private Bank was in the limelight as the index advanced 2.1%.
Today, both the indices added one distribution day, thereby pushing the distribution count to three on the Sensex and two on the Nifty. With frontline composites trading near their new highs, the market direction remains at a Confirmed Uptrend.
During the coming week, the Indian stock market will remain closed on August 15 (Wednesday) on account of Independence Day. The following events lined up for the coming week could turn out to be market movers:
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Industrial Production, Manufacturing Output and CPI inflation data: August 13
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WPI inflation data: August 14
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Q1 FY 2019 Financial Results for Oil India, Cadila Healthcare, Tata Steel, Idbi Bank, Grasim Industries, and Sun Pharm.Industries, among others.
Current Outlook:
– Market environment conducive for purchases, but remain selective.
– Focus on fundamentally strong stocks breaking out of solid technical patterns.
– Stay disciplined and exercise sound buy and sell rules.
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