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Nifty Reverses Intraday Gains; Google to Invest Rs 33,737 crore in Jio

Posted Date: July 15 2020
Today’s Action

Nifty, +0.1%; Sensex, +0.1%; Nifty Midcap, -0.7%; Nifty Smallcap, -0.1%; Model Portfolio, -0.3%

Market Pulse Confirmed Uptrend

Nifty opened higher and remained in positive territory led by IT stocks. It made a high of 10,826, which is more than 200 points higher than yesterday’s close. However, in the last hour, Nifty staged a downside reversal in higher volume, closing in the bottom quartile of the session’s range. This was due to sharp selling in Nifty Bank and RIL. In the broader market, Nifty Midcap and Smallcap closed 0.7% and 0.1% lower, respectively.

On the sectoral front, Nifty IT gained more than 5%. Wipro (Nse) closed 16% higher after Q1 FY21 results were above street estimates. Nifty Pharma, Metal, FMCG, and Auto closed 0.2–0.7% higher. On the flip side, Nifty Realty closed 2% lower and Nifty Bank closed 0.2% lower after a reversal of more than 700 points from intraday high. Market breadth was inclined toward decliners. Of 2,159 stocks traded, 747 advanced, 1,082 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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