MarketsmithIndia Articles

Nifty Makes a New Recent Rally High; Birlasoft Surges after Announcing Alliance with Microsoft

Posted Date: August 18 2020
Today’s Action

Nifty, +1.2%; Sensex, +1.3%; Nifty Midcap, +1.2%; Nifty Smallcap, +1.5%; Model Portfolio, +0.9%

Market Pulse Confirmed Uptrend

Today, Nifty started the session on a flat note and traded in the green territory throughout the session. Good buying was seen post noon, which helped the index make a recent rally high. However, today’s trading volume was lower than the previous session. 78% of the Nifty50 stocks ended in the green, led by Grasim Industries (+6.7%) and Ultratech Cement (+3.3%).

Barring Nifty Pharma (-0.1%), all the sectoral indices closed in the green. Nifty Realty led the rally with a gain of 4.0% followed by Nifty Media (+2.2%) and Bank (+2.2%). Market breadth was skewed toward advancers. Of 2,184 stocks traded, 1,294 advanced, 518 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.

Key News

What do you think? Please email us any questions or comments.

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.

Related Article

Loading...