Nifty, +0.4%; Sensex, +0.4%; Nifty Midcap, +0.6%; Nifty Smallcap, +0.5%; Model Portfolio, +2.3%.
Market Pulse: Confirmed UptrendAsian Paints, Axis Bank, and HDFC Life were the top Nifty50 gainers. Nifty is trading 2.5% and 5.7% above its 21- and "50-DMA". The advance-decline ratio was in favor of advancers, as out of 2,263 stocks traded, 1,141 stocks advanced, 794 stocks declined, and the remaining closed flat.
Nifty trading at its all-time high, low distribution day count, and broader market outperformance are positive signs and indicate further upside. One distribution day is set to expire tomorrow. However, if the index falls, adds a distribution day, and breaches its key moving averages, we may change the market status to an Uptend Under Pressure. Focus on quality ideas emerging out of sound bases with RS line at or near new highs while reducing exposure to stocks breaking below key support levels.