Nifty, +0.2%; Sensex, +0.1%; Nifty Midcap, -0.1%; Nifty Smallcap, +0.7%; Model Portfolio, -0.7%
Market Pulse: Confirmed Uptrend
Nifty opened higher this morning and moved above 15,000 for the first time since March 16. However, gains faded quickly and Nifty reversed more than 200 points from its high. The volatility was high due to the F&O expiry. During the day, Nifty gained 100 points from its low and managed to close in the green. The positive takeaway was that the index traded above its 50-DMA.
Though there were pockets of strength, the broader market was a little weak. The advance-decline ratio was in favor of decliners. Of the 2,248 stocks traded, 804 advanced, 1,020 declined, and the rest remained unchanged. On the sectoral front, Nifty Metal (+4.5%) outperformed. Nifty Bank, Financial Services, and Realty closed flat. Nifty Auto closed 1% lower.
Looking ahead, without trying to predict and decode stories, we will take what the market gives and continue to monitor unfolding conditions. Stocks that are breaking out of Consolidation have higher relative strength, and superior fundamentals can do well. Continue to trim or avoid ideas lagging and/or breaking down below major moving averages.