Market status: Uptend Under Pressure
Distribution days: Six
Global stock markets: Dow30, +0.3%; S&P 500, +0.7%; Nasdaq, +1.2%; Nikkei, +0.5%; Hang Seng, -0.7%; Kospi, -0.3%
Nifty, after a flat opening yesterday, witnessed selling pressure and traded toward the day's low of 14,598. However, it staged a smart recovery of about 140 points off lows to close flat for the day. Volume was lower as against Friday’s session. In the broader market, Nifty Midcap outperformed with a gain of 0.9%, while Smallcap closed flat for the day.
On the sectoral front, mixed performance was observed. Nifty Realty, FMCG, and IT were the top gainers, closing 1.5–3.0% higher. Metal and Pharma stocks also witnessed buying interest and gained more than 1% for the day. On the flip side, Financials dragged. Nifty Bank was down 1.7%. The advance-decline ratio was in favor of advancers. Of 2,285 stocks traded, 1,065 advanced, 893 declined, and the rest remained unchanged.
Thursday last week, we downgraded the market status to an Uptend Under Pressure as the distribution day count increased, Nifty breached its 21-DMA last Monday, and briefly undercut its 50-DMA on Thursday. Currently, the distribution day count stands at six. We will change the status to a Downtrend, if one more distribution day is added or if Nifty fails to reclaim its 50-DMA and market leaders show signs of deterioration in their price actions.
Kec International received new orders worth Rs 1,429 crore across its various businesses.
Bharat Heavy Electricals Ltd received the first ever overseas order for a grid connected solar power project in Mauritius.
Madhav Infra Projects received solar project worth Rs 87.3 crore from the Gujarat State Electricity Corporation.
Maruti Suzuki India to increase vehicle prices from April due to increased input costs.
O’Neil Market Condition Report
For the 24 emerging markets tracked by our institutional research team, the market status breakdown is as follows: Confirmed Uptrend, 34%; Rally Attempt, 8%; Uptend Under Pressure, 50%; Downtrend, 8%.
For the 24 developed markets tracked by our institutional research team, the market status breakdown is as follows: Confirmed Uptrend, 64%; Rally Attempt, 4%; Uptend Under Pressure, 32%; Downtrend, 0%.