Nifty Continues to Scale New High; Welspun Corp Bags Order Worth ~Rs 1,200 Crore
Nifty, +0.4%; Sensex, +0.3%; Nifty Midcap, +0.2%; Nifty Smallcap, +0.7%; Model Portfolio, +0.9%
Market Pulse Confirmed Uptrend
Distribution Day Count: Three
Nifty, after a gap up opening of about 50 points, pared the initial gains and remained volatile to trade toward the day's low of 13,865. However, the dip was bought by market participants, which helped Nifty close near the day's high. Volume was lower than the previous session. In the broader market, midcap closed 0.2% higher, while smallcap showed outperformance as against the general market and closed 0.7% higher.
On the sectoral front, mixed reaction was observed. Nifty Auto, Nifty Metal, and Nifty Realty gained 1.3% each. On the flip side, Nifty Bank, PVT bank, PSU bank, and Nifty Pharma declined 0.1–0.2%. Market breadth was skewed toward advancers. Of 2,224 stocks traded, 1,002 advanced, 859 declined, and the remaining were unchanged.
With leadership broadening and indices above relevant intermediate term moving averages, we will continue to look for leadership-quality growth names to form entry points. If a pullback/consolidation happens, it will be crucial for Nifty to hold its 21-DMA. It is advised to closely review the existing positions and book profits in stocks that are extended from their moving averages and showing technical weakness. Also, tracking distribution days is crucial as rise in distribution days can halt the uptrend.
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