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Nifty Advances for the Fifth Consecutive Day; Banking Stocks Lead

Posted Date: July 21 2020
Today’s Action

Nifty, +1.3%; Sensex, +1.4%; Nifty Midcap, +0.1%; Nifty Smallcap, +0.4%; Model Portfolio, +0.2%

Market Pulse Confirmed Uptrend

Today, Nifty gapped up by about 100 points for the second consecutive day. Again, the day’s trading range was narrow compared with the normal trading range. This is the fifth consecutive day of closing higher. 64% of the Nifty50 stocks closed higher, led by Power Grid Corp.Of India (+6.2%) and Indian Oil (+5.8%). Broader market indices, Nifty Midcap (+0.1%) and Smallcap (+0.4%) underperformed the market.

On the sectoral front, barring Nifty Pharma (-1.5%) and FMCG (-0.8%), all the indices closed in the green. Nifty PSU Bank (+2.1%) was the biggest gainer followed by financial-related sectors. Market breadth was inclined toward advancers. Of 2,153 stocks traded, 1,022 advanced, 798 declined, and the remaining traded flat.

The Indian market remains in a Confirmed Uptrend. However, things can change quickly due to high volatility. We are operating in an uncertain environment where information is distributed unevenly, and it is an environment where outside forces, either intentionally or unintentionally, affect prices across various time frames. We will continue to monitor the behavior of leading stocks and keep an open mind as to how it unfolds. We will wait for solid entry points before buying.

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