At 8:00am IST, the SGX Nifty Futures was trading at 14,717, compared with Nifty’s Friday close of 14,529.
Market status: Confirmed Uptrend
Distribution days: Five
Global stock markets: Dow30, -1.5%; S&P 500, -0.5%; Nasdaq, +0.6%; Kospi, -2.8%; Hang Seng, +1%; Nikkei, +2.3%
Last week, Nifty started the week on a negative note to breach its 21-DMA on Monday. The next three sessions saw good signs of accumulation, which helped Nifty retake its 21-DMA. However, on Friday, it succumbed to a massive selloff, tracking various global cues. Friday’s fall was the biggest since the fall on May 4, 2020. Friday’s session qualified as a distribution day as volume was higher compared with the previous session. However, the distribution day count remained at five as one expired on the same day.
One more distribution day will expire today. A low distribution day count and the market back above its 21-DMA is a constructive set up. However, without trying to predict and decode stories, we will take what the market gives and continue to monitor unfolding conditions. We may downgrade the status to an Uptrend Under Pressure if Nifty falls below its 21-DMA on higher volume and the distribution day count increases.
Tata Chemicals appointed Nandakumar S Tirumalai as the Chief Financial Officer after the promotion of John Mulhall to Managing Director & CEO of subsidiary Tata Chemicals North America, Inc.
Affle (India) got the board’s approval for the fundraising of up to Rs 1,080 crore.
Indian Oil will invest Rs 32,946 crore to expand the capacity of its Panipat refinery to 25M tons per year.
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%.