At 8:00am IST, the SGX Nifty Futures was trading at 15,356, compared with Nifty’s close of 15,314 yesterday.
Market status: Confirmed Uptrend
Distribution days: Five
Global stock markets: Nikkei, +1.3%; Kospi, +0.4%; Hang Seng, +1.4%
Yesterday, Nifty opened at a record high of 15,270 and traded in a narrow range of around 15,300 throughout the session. Last hour buying helped the index close near the day's high, holding decent gains. Volume was comparatively lower. In the broader market, Midcap was up 1.3%, while Smallcap was up only 0.4%, underperforming the benchmark index. On the sectoral front, there was mixed action. Financial-related indices advanced the most, followed by Nifty Realty. On the flip side, Nifty Media, IT, Metal, and Pharma declined 0.3–0.5%. FIIs’ net buying was Rs 1,235 crore, while DIIs’ net selling was Rs 1,050 crore.
The market status remains in a Confirmed Uptrend. However, the distribution day count is at five. But on a positive note, no new distribution day was added over the last two weeks and Nifty is trading more than 4% 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.
- AstraZeneca has received emergency approval from the WHO for its COVID-19 vaccine.
- April-January exports was down 13.6% y/y to $228B. Imports was also down 25.9% y/y to $300B.
- SIS announced a share buyback plan of Rs 100 crore at Rs 550 a share.
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%.