At 8:00am IST, the SGX Nifty Futures was trading at 11,312, compared with Nifty’s close of 11,278 yesterday.
Market status: Uptrend Under Pressure
Global stock markets: Dow 30,+1.6%; S&P,+2%;Nasdaq,+3%;Nikkei, +0.6%; Hang Seng, +0.1%; KOSPI, +0.8%
Yesterday, Nifty gapped lower and remained under pressure for the most part of the session. However, last hour buying helped Nifty close ~100 points off lows. As volume was higher compared with the previous session, we considered yesterday’s action as a distribution day. Nifty added a third distribution day in four sessions. Broader indices continued to remain bearish. Nifty Midcap and Smallcap closed 0.5% and 1.5% lower, respectively.
On the sectoral front, Nifty Pharma (+1.9%), Metal (+1%), and Auto (+0.2%) closed in the green. Nifty Bank (-2.1%), Realty (-1.9%), and Financial Services (-1.8%) were the top losers.
The market status was recently changed to an Uptrend Under Pressure. We will be slightly cautious while initiating fresh long positions. We will change the status to a Downtrend if two or three more distribution days are added or if Nifty breaches its 50- and 200-DMA. On the flip side, the status will be shifted back to a Confirmed Uptrend if Nifty retakes the 11,795 level (high made during the recent rally).
Indiabulls Housing Fin has set the floor price for QIP at Rs 206.7 per share for the QIP issue opened yesterday.
Syngene Inter got ICMR’s approval for HiMedia-Syngene's COVID-19 antibody test kit, ELISafe 19.
O’Neil Market Condition Report
For the 24 emerging markets tracked by our institutional research team, the market status breakdown is as follows: Confirmed Uptrend, 54%; Rally Attempt, 8%; Uptrend Under Pressure, 30%; Downtrend, 8%.
For the 24 developed markets tracked by our institutional research team, the market status breakdown is as follows: Confirmed Uptrend, 17%; Rally Attempt, 0%; Uptrend Under Pressure, 70%; Downtrend, 13%.