Nifty Ends Weekly F&O Expiry Flat at 11,300; GAIL Q1 Results Miss on All Fronts

Posted Date: August 13 2020
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Today’s Action

Nifty, -0.1%; Sensex, -0.2%; Nifty Midcap, +1.6%; Nifty Smallcap, +0.8%; Model Portfolio, +0.2%

Market Pulse Confirmed Uptrend

After a positive opening, Nifty traded toward the day's low of 11,270 due to selling pressure. However, the index staged a reversal and closed flat above 11,300. Volume was slightly lower compared with yesterday’s session. Broader markets outperformed and closed with solid gains. Nifty Midcap was up 1.6%, while Smallcap closed 0.8% higher.

On the sectoral front, mixed results were observed. Nifty Media led the rally with a gain of 1.4% followed by Nifty Auto and Metal, which were up 1.2% and 1.1%, respectively. On the flip side, Nifty Pharma continued to witness profit booking and declined 1% whereas Nifty PSU Bank was down 1%. Market breadth continues to remain skewed toward advancers. Of 2,184 stocks traded, 1,092 advanced, 745 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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Disclaimer: Information contained herein is not and should not be construed as an offer, solicitation, or recommendation to buy or sell securities. It is for educational purposes only.For more information, see our Legal disclosures here.
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