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Nifty Ends Higher in a Volatile Session; Supreme Court Announces its Verdict on Repayment of AGR Dues

Posted Date: September 01 2020
Today’s Action

Nifty, +0.7%; Sensex, +0.7%; Nifty Midcap, +0.8%; Nifty Smallcap, +0.4%; Model Portfolio, +1.2%

Market Pulse Uptrend Under Pressure

Nifty opened more than 70 points higher today and traded in a zig-zag manner through the session. It traded in a range of around 190 points but closed near its opening. Today’s volume was lower than yesterday's. 70% of Nifty50 stocks ended in the green, led by Bharti Airtel (+6.5%) as the Supreme Court announced its verdict on repayment of AGR dues, followed by Jsw Steel (+6.3%) and Hindalco Industries (+4.8%). On the flip side, Bharti Infratel (-4.9%) and Oil & Natural Gas (-3.2%) were the major decliners.

Broader market indices also ended in the green today. On the sectoral front, it was a mixed reaction, with the majority of indices closed in the green. Nifty Metal (+3.2%) and Pharma (+2.3) advanced the most, whereas Nifty IT (-0.6%) and PSU Bank (-0.2%) were the major decliners.

The market remains in an Uptrend Under Pressure. We will be slightly cautious while initiating fresh long positions. We will change the status to a Downtrend, if two-three more distribution days are added or if Nifty breaches its 50- and 200-DMA. On the flip side, the status will be shifted back to a Confirmed Uptrend if Nifty retakes 11,795 level (high during the recent rally).

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