Nifty Closes Above 11,000; IT Stocks Continue to Lead

Posted Date: July 20 2020
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Today’s Action

Nifty, +1.1%; Sensex, +1.1%; Nifty Midcap, +0.9%; Nifty Smallcap, +1.2%; Model Portfolio, +0.7%

Market Pulse Confirmed Uptrend

Today, Indian markets had a gap-up opening wherein Nifty opened around 100 points higher and traded in a narrow range compared with the normal daily traded range. Last hour buying helped Nifty to close near day’s high. It closed above 11,000, the level that was breached in March. Broader market indices, Nifty Midcap (+0.9%) and Smallcap (+1.2%) closed higher for the day.

On the sectoral front, barring Nifty Pharma (-1.6%), all the indices closed in the green. Nifty IT (+2.6%) was the biggest gainer followed by financial-related sectors. Market breadth was inclined toward advancers. Of 2,182 stocks traded, 1,109 advanced, 736 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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