Nifty Closes Flat; Realty and Metal Stocks Drag

Nifty, +0.1%; Sensex, +0.1%; Nifty Midcap, +0.3%; Nifty Smallcap, +0.5%; Model Portfolio, +0.1%

Market Pulse Confirmed Uptrend

After a gap-up opening above 11,500, Nifty witnessed selling pressure and traded toward the day's low of 11,423. However, some buying interest in the last hour helped index close with minor gains. Volume was on the higher side compared with the previous session. Broader markets continued to stay bullish. Nifty Midcap and Smallcap closed with gains of 0.3% and 0.5%, respectively.

On the sectoral front, it was a mixed action. Financial stocks continued to lead the gains with Nifty Pvt Bank, Nifty Financial Service, and Nifty Bank closing more than 0.9% higher. On the flip side, Nifty Realty, Nifty Pharma, and Nifty IT extended yesterday’s loss. Nifty Realty (-2.1%) declined the highest followed by Nifty Metal and Nifty Pharma, which were down 0.7% and 0.6%, respectively. Market breadth was skewed toward decliners. Of 2,187 stocks traded, 858 advanced, 985 declined, and the remaining traded flat.

The Indian market remains in a Confirmed Uptrend. We would like to see fresh names flexing their muscles for a sustainable rally. Finding favorable entries into powerful breakouts may be the best use for new money in the current market. However, things can change quickly due to high volatility. We are operating in an uncertain environment where information is distributed unevenly, wherein outside forces, either intentionally or unintentionally, affect prices across various time frames. We will continue to monitor the behavior of the market and keep an open mind as to how it unfolds.

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