At 8:00am IST, the SGX Nifty Futures was trading at 15,065, compared with Nifty’s close of 15,106 yesterday.
Market status: Confirmed Uptrend
Distribution days: Six
Global stock markets: Dow 30, +0.2%; S&P 500, -0.04%; Nasdaq, -0.3%; Nikkei, +0.2%; Hang Seng, -0.3%; Kospi, +0.5%
Nifty opened flat but traded volatile and hit the day’s low of 14,977. However, last hour buying interest helped the index recover about 125 points off lows. Volume was lower compared with the previous session. Both Midcap and Smallcap indices were up 0.8% and 0.7%, respectively.
On the sectoral front, mixed reaction was observed. Nifty Auto and Nifty Pharma were the major advancers which gained 1.0% and 0.7%, respectively. On the flip side, Nifty Pvt Bank was down 0.7% and Nifty Bank declined 0.8%. Advance-decline ratio was skewed toward decliners. Of 2,231 stocks, 919 advanced, 971 declined, and the remaining were unchanged.
Last Wednesday, Nifty made a new high and moved above the previous rally high of 14,754. Hence, we changed the market status to a Confirmed Uptrend. However, the distribution day count remains elevated at six. Nifty is more than 4.2% above its 21-DMA. If the 21-DMA is breached, we may downgrade the status to an Uptrend Under Pressure. Without trying to predict and decode stories, we will take what the market gives and continue to monitor unfolding conditions.
Bata India reported Q3 FY21 results. Revenue decreased 26% y/y to Rs 615 crore. PAT dipped to Rs 26 crore, compared with a profit of Rs 118 crore in the corresponding quarter last year.
Aurobindo Pharma reported Q3 FY21 results. Revenue grew 7.9% y/y to Rs 6,365 crore. PAT surged 317% to Rs 2,946 crore.
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, 50%; Rally Attempt, 4%; Uptrend Under Pressure, 46%; Downtrend, 0%.
For the 24 developed markets tracked by our institutional research team, the market status breakdown is as follows: Confirmed Uptrend, 46%; Rally Attempt, 0%; Uptrend Under Pressure, 54%; Downtrend, 0%.