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Nifty Resumes Rally; Pharma and Realty Stocks Shine

Posted Date: July 23 2020
Today’s Action

Nifty, +0.7%; Sensex, +0.7%; Nifty Midcap, +0.9%; Nifty Smallcap, +1.0%; Model Portfolio, +1.5%

Market Pulse Confirmed Uptrend

Nifty opened on a flat note but edged higher as the session progressed. Indian markets resumed rally after a brief selling yesterday. Today being a Thursday, weekly options contracts of Nifty and Bank Nifty have expired, and the session was slightly less volatile compared with the previous expiries. 74% of Nifty50 stocks closed higher. Eicher Motors (Nse) (+4.9%) and Icici Bank (+2.9%) were the leaders. On the flip side, Axis Bank (-3.8%) and Shree Cement (-1.9%) were the laggards.

On the sectoral front, barring Nifty IT (-0.2%), all the sectoral indices closed higher. Nifty Pharma () and Realty () were the major advancers. Market breadth was inclined toward advancers. Of 2,160 stocks traded, 1,038 advanced, 776 declined, and the remaining traded flat.

The Indian market remains in a Confirmed Uptrend. However, things can change quickly due to high volatility. We are operating in an uncertain environment where information is distributed unevenly, and it is an environment where outside forces, either intentionally or unintentionally, affect prices across various time frames. We will continue to monitor the behavior of leading stocks and keep an open mind as to how it unfolds. We will wait for solid entry points before buying.

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