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Nifty Hits Lifetime High; Barring Nifty Media, All Sectors Close Positive

Posted Date: November 09 2020
Today’s Action

Nifty, +1.6%; Sensex, +1.7%; Nifty Midcap, +0.9%; Nifty Smallcap, +0.3%; Model Portfolio, +0.8%

Market Pulse Confirmed Uptrend

Distribution Day Count: Zero

Nifty, taking cues from global markets, opened strongly with a gap up opening of more than 130 points. It hit a lifetime high in the first hour of the trading session. As the session progressed, the index witnessed a mild profit booking but was able to hold the majority of opening gains and traded constructively in the last hours to close near the day's high. Though the index advanced more than 1.5% for the day, today’s session did not qualify as a follow-through day as volume was lower than the previous day. In the broader market, both Midcap and Smallcap failed to catch up with the general market and closed 0.9% and 0.3% higher, respectively.

On the sectoral front, barring Nifty Media, all other sectors closed in the green. Nifty Bank and Pvt Bank advanced more than 2.5%. Nifty Fin Service, IT, and Metal advanced 1.5–2.1%. Market breadth remained in the favor of advancers. Of 2,230 stocks traded, 1,119 advanced, 729 declined, and the rest remained unchanged.

Currently, we are in a Confirmed Uptrend and are open to adding new positions coming out of proper base formation. We will look for leadership among some good stocks to push the market up. On the flip side, tracking distribution days is crucial. Accumulation of distribution days can halt the uptrend.

 

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