Article Image

Metal, IT, and Pharma Stocks Push Nifty Higher; IEX Disinvests 26% Stake in IGX

Posted Date: March 10 2021
Today’s Action

Nifty, +0.5%; Sensex, +0.5%; Nifty Midcap, +0.8%; Nifty Smallcap, +1.4%; Model Portfolio, +1.3%

Market Pulse Confirmed Uptrend

Distribution Day Count: Three

Nifty gapped higher this morning and moved above 15,200 in the first hour. However, it slipped around 100 points from there and found support near 15,100. In the second half, Nifty moved higher and managed to close in the upper half of day’s range. The volume was comparatively lower. On the sectoral front, barring Nifty PSU Bank, all other sectors closed in the green. Nifty IT, Metal, and Pharma gained 1.5–2.0% each. JSW Steel, Tata Steel, Hindalco, Cipla, Sun Pharma, and Tech Mahindra advanced 2–3%. After underperforming for a couple of sessions, the broader market outperformed benchmark indices. Advance-decline ratio was in favor of advancers. Out of 2,241 stocks, 1,081 advanced, 811 declined, and the rest remained unchanged.

Last week, three distribution days expired due to aging and one was added on Friday, after which the total count stands at three. The decrease in distribution day count is a good sign. However, the market has been volatile in the last few sessions. Without trying to predict and decode stories, we will take what the market gives and continue to monitor unfolding conditions. We may downgrade the status to an Uptrend Under Pressure if Nifty falls below its 50-DMA on higher volume and the distribution day count increases.

 
 
 

What do you think? Please email us any questions or comments.

Disclaimer: Information contained herein is not and should not be construed as an offer, solicitation, or recommendation to buy or sell securities. It is for educational purposes only.For more information, see our Legal disclosures here.

Related Article

Loading...