At 8:30am IST, the SGX Nifty Futures was trading at 14,841, compared with Nifty’s close of 14,707 yesterday.
Market status: Confirmed Uptrend
Distribution days: Five
Global stock markets: Dow30, +0.1%; S&P 500, +0.1%; Nasdaq, -0.5%; Kospi, +0.7%; Hang Seng, -0.9%; Nikkei, -0.7%
After closing in the red for five straight sessions, Nifty opened over 100 points higher yesterday. The session was volatile as Nifty traded in a 200-point range. It crossed its 21-DMA intraday but failed to close above it. Volume was higher than the previous session. Mixed reaction was observed on the sectoral front. Nifty Metal (+3.9%) was the top gainer followed by Realty (+2.7%). All the financial related sectoral indices closed lower. Yesterday, FIIs were net sellers at Rs 1,569 crore, while DIIs were net buyers at Rs 216 crore.
Looking ahead, we may downgrade the status to an Uptrend Under Pressure if distribution day increases or Nifty fails to reclaim its 21-DMA and falls more on higher volume. Without trying to predict and decode stories, we will take what the market gives and continue to monitor unfolding conditions.
Sanofi India Ltd reported Q3 FY21 results. It declared a final dividend of Rs 125 per share and a special dividend of Rs 240 per 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%.