MARKET PULSE
Status: Uptrend Under Pressure
Highlights:
Three up days, two down days
Weekly Market Review
On Monday, the benchmark indices started the week on a bullish note. However, it lost its momentum midway and starting consolidating amidst mixed global cues and inflation data released by the RBI. The unending woes from the Korean peninsula acted as a resistance for the equity indices as the Nifty traded flat today. However, overall, both the Nifty and the Sensex made up for the most of the losses incurred last week.
The Nifty started the week at 9,971.75 and traded in the range of 10,028.05-10,131.95. The index closed for the week at 10,085.40, up 1.52%. After opening at 31,798.31, the Sensex gained 1.85% this week to close at 32,272.61, trading in a range of 31,797.89-32,356.11.
This week, the Nifty and the Sensex both dropped two distribution days. This takes the current distribution count to 5.0 for each of the benchmark indices. The Nifty and the Sensex are about 0.52% and 1.27% away from their all-time highs, respectively. The Indian market condition remains in an Uptrend Under Pressure.
The broader markets extended their gains this week too. The Nifty Midcap and the Smallcap both gained 2.04% and 0.73%, respectively.
The MarketSmith IND 47 Index, which lists the top 47 stocks in chart and fundamental characteristics, sharply outperformed all other major indices by recording a gain of 1.82% this week.
On the sectoral front, all the sectors posted gains for this week. Nifty Pharma (+5.63%), Media (+1.97%), and Bank (+1.81%) indices were the top three sectors to post gains.
London witnessed a train explosion today, which the London Metropolitan Police has declared as a terror incident.
The August retail inflation data was up 3.36%, the highest in five months. The inflation, however, is still below the Reserve Bank of India’s medium term target of 4%.
There is no event that could act as a market mover in the next week.
Leaders Up on Volume: {NSE:KEI} (+17.39%), {NSE:JSL} (+6.50%), {DHFL} (+4.41%)
Leaders Down on Volume:{NSE:IOC} (-3.15%), {TEAMLEASE}, (-2.14%), {INDIANHUME} (-1.55%)
Current Outlook:
– Be cautious with any new purchases.
– Make a defensive game plan for your portfolio.
– Stay disciplined and exercise sound sell rules.
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