MARKET PULSE
Status: Confirmed Uptrend
Highlights:
Two up days, three down days
Weekly Market Review
The Benchmark indices came under the grip of bears to post sharp losses this week. The key U.S. Federal reserve meeting and political uncertainties in Europe added to the woes of the Indian market.
The Nifty opened the week at 9,646.70 and lost 0.83% during the week. After trading in the narrow range of 9,560.80-9,654.15, it ended the week on 9,588.05.
The Sensex gave away 0.66% for the week to end at 31,056.40. It started the week at 31,225.43 and traded in the range of 31,017.18-31,260.77.
Despite three down days during the week, the benchmark indices did not record any new distribution days, thanks to lower trading volume. The Nifty and the Sensex continue to hold 2.0 and 4.0 distribution days, respectively. The market condition is in a Confirmed Uptrend.
In the broader market, the Nifty Midcap and Smallcap indices held on to its positive momentum with gains of 0.05% and 0.95%, respectively, for the week.
The MarketSmith India IND 47 Index, which lists the top 47 stocks in chart and fundamental characteristics, gained 1.25% in today’s trading session.
The sector chart put on a battered picture, with only three indices ending in green, while the rest recorded significant losses. The Nifty Realty, Energy, and Pharma indices gained 4.35%, 1.15%, and 0.19%, respectively. On the flip side, the Nifty IT, Metal, and Auto indices were at the bottom of the list, with losses of 2.42%, 2.22% and 1.61%, respectively.
Talking about the market action through the week, on Monday, the Indian benchmark indices started on a weak note with sharp losses, as investors did not seem impressed with the revised rates on 66 items by the GST Council and awaited the macroeconomic data to be released later on the day.
A divergent trend was witnessed on Tuesday as the Sensex, settled with tiny gains, while the Nifty registered minor losses. On Thursday, benchmark indices posted modest losses in line with the weakness in global stocks, following the Federal Reserve’s policy decision. The volatility continued into today’s session, as benchmark indices erased significant gains and ended flat.
There are no major events scheduled for the next week that could have an impact on markets. However, as we near the launch of GST, market volatility could prevail for the next few weeks.
To Read Detailed Reports including Stock Recommendations, Idea Lists, Evaluate Stocks etc. Subscribe to MarketSmith India.
Disclaimer: William O’Neil India Investment Adviser division, is one of the divisions of William O’Neil India Private Limited, which is a company incorporated under the Companies Act 1956. William O’Neil India Investment Adviser division is a registered investment advisor with the Securities and Exchange Board of India and through its online product, MarketSmith Indiaintends to provide quality equity research material and information to its customers. The investments discussed or recommended through MarketSmith India may not be suitable for all investors and hence, you must rely on your own examination and judgement of the stock and company before making investment decisions. Data provided through MarketSmith India is for information purposes only and should not be construed as an offer or solicitation of an offer to buy or sell any securities. Information and discussions made available through MarketSmith India contain forward looking statements that involve risks, uncertainties and assumptions that could cause actual results to differ materially from those contemplated by the relevant forward-looking statement. William O’Neil India Investment Adviser division or its employees / directors or any of its affiliates are not responsible for any losses that may arise to any person who has made investments based on the contents of this document. Past performance never guarantees future results. Investment in equities are subject to market risks and despite the best efforts to provide market leading research, William O’Neil India would like to exhort its users to acknowledge and fully understand the risks involved which might include but not limited to loss of both principal and income. Data and content provided through MarketSmith India is to be consumed only by the intended recipient and must not be redistributed any further.
Registered office address: William O’Neil India, Technomark Building, A-4, NGEF Ancillary Industrial Estate, Graphite India Road, Mahadevapura, Whitefield, Bangalore 560048, Phone: + 91 80 67453802, Fax: + 91 80 6745381, Website: http://www.williamoneil.com/india/, For investor queries:queries@marketsmithindia.com; For grievances: grievances@marketsmithindia.com; For compliance officer:compliance@marketsmithindia.com, Corporate Identity Number: U74999KA2012FTC066881, Investment Adviser SEBI Regn. Nos: INA200005125 valid till 11 July 2021.