Nifty, -0.01%; Sensex, -0.1%; Nifty Midcap, +0.4%; Nifty Smallcap, +0.1%; Model Portfolio, +0.2%
Market Pulse Confirmed Uptrend
Distribution Day Count: Five
After a gap-up opening, Nifty failed to hold the opening gains and traded toward the day’s low of 15,242. However, last hour buying helped the index close flat for the day. Volume was higher than the previous session. In the broader market, Midcap was up 0.4%, while Smallcap was up 0.1%. The index is currently trading 4.5% and 7.7% above its 21- and 50-DMA, respectively.
The majority of sectors closed in the red. Nifty IT (-1.5%) declined the most followed by Nifty Media (-0.8%). Nifty Metal was the major gainer, up 2.9%. Advance-decline ratio was skewed toward decliners. Out of 2,233 stocks, 829 advanced, 1,056 declined, and the remaining were unchanged.
Nifty made a new high on February 3 and moved above the previous rally high of 14,754. Hence, we changed the market status to a Confirmed Uptrend. However, the distribution day count remains elevated at five. Nifty is more than 4.5% above its 21-DMA. If 21-DMA is breached, we may downgrade the status to an Uptrend Under Pressure. Without trying to predict and decode stories, we will take what the market gives and continue to monitor unfolding conditions.