Nifty Continues to Edge Higher; Zee Entertainment Shares Surge

Posted Date: August 19 2020
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Today’s Action

Nifty, +0.2%; Sensex, +0.2%; Nifty Midcap, +0.6%; Nifty Smallcap, +1.2%; Model Portfolio, -0.3%

Market Pulse Confirmed Uptrend

Nifty opened around 70 points higher continuing its momentum. As the session progressed, it traded in a flat territory of 40 points. However, it quickly pared most of its gains in the second half of the session to close just 0.2% higher. Out of Nifty50 stocks, the percentage of advancers declined to 56%, led by Zee Entertainment Ents. (+13.1%) and Gail (India) (Nse) (+4.6%).

On the sectoral front, it was a mixed action inclined toward advancers. Nifty Media led the rally with a gain of 5.4% followed by Nifty PSU Bank (+2.4%) and Realty (+1.3%). Market breadth was skewed toward advancers. Of 2,187 stocks traded, 1,217 advanced, 612 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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