Nifty continued its positive momentum for the fourth consecutive week, which happened for the first time in 2021. Today, it hit a new all-time high of 15,835 and closed above 15,800 for the first time. It was a gap-up opening today, with the index staying in the green throughout the session. Barring a 30-minute action at noon, the session was calm, with little price movement. Of the Nifty50 stocks, 46% closed higher, led by Tata Steel (+3.9%) and Jsw Steel (+3.6%).
Sectoral action was mixed during the week. Nifty IT (+4.5%) and Media (+3.5%) were the top gainers for the week, followed by Nifty Pharma (+2.6%). Financial-related sectors declined 0.5-0.7%. Today, the advance-decline ratio was in favor of advancers. Of the 2,255 stocks traded, 1,043 advanced, 910 declined, and the rest remained unchanged.
During the week, Nifty succumbed to a distribution day for the first time since May 11. If the index falls further, adds a distribution day, and breaches its key moving averages, we may change the market status to an Uptrend Under Pressure. Focus on quality ideas emerging out of sound bases with RS line at or near new highs while reducing exposure to stocks breaking below key support levels.
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