MarketsmithIndia Articles

SGX Nifty Indicates a Positive Opening; Tata Consumer to Replace GAIL in Nifty50

Posted Date: February 24 2021
Market Preview

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.

Key News

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.

Tata Consumer Products will replace Gail (India) (Nse) in Nifty50 index from March 31, 2021.

In Nifty Next50, Adani Enterprises (Nse)Apollo Hosps.EnterpriseGail (India) (Nse)Jubilant FoodworksMrfVedanta, AND Yes Bank were included.

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%.

 
 
 
 

What do you think? Please email us any questions or comments.

Disclaimer: Information contained herein is not and should not be construed as an offer, solicitation, or recommendation to buy or sell securities. It is for educational purposes only.For more information, see our Legal disclosures here.

Related Article

Loading...