Nifty Makes a New All-Time High During the Week; Metal Stocks Gain the Most

Nifty, +3.7%; Sensex, +3.7%; Nifty Midcap, +3.1%; Nifty Smallcap, +3.2%; Model Portfolio, +1.8%.

Market Pulse Confirmed Uptrend

Distribution Day Count: Zero

Weekly Market Review

Continuing its positive momentum from the previous week, Nifty edged higher and made a new all-time high of 12,769 during the week. It ended higher in four of the five trading sessions. Currently, it is trading 8.7% and 18.8% above its 50- and 200-DMA, respectively. Today, Nifty opened on a negative note and was volatile through the session. Post noon session buying helped the index close in positive territory.

Barring Nifty IT (-0.3%), all the sectoral indices closed higher during the week. Nifty Metal (+7.2%) advanced the most, followed by financial related indices. Today, the advance-decline ratio was skewed toward advancers. Of 2,221 stocks traded, 1,123 advanced, 711 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 higher. On the flip side, tracking distribution days is crucial. Accumulation of distribution days can halt the uptrend.