Global stock markets: Dow 30, -0.1%; Nasdaq, -0.04%; S&P 500,-0.1%; Nikkei, +1.2%; Kospi, -0.03%; Shanghai Composite, -0.4%.
Yesterday, after opening with slightly positive bias, Nifty turned negative briefly in the first 20 minutes of the session. Investors used the dip as a buying opportunity as the index rallied more than 200 points from the day’s low of 16,915. In the process, Nifty crossed 17,000 for the first time; the momentum continued as the day progressed. In the broader market indices, Nifty Midcap and Smallcap advanced 0.6% and 0.7%, respectively, slightly underperforming the major index. On the sectoral front, barring Nifty Media (-0.1%), all sectors gained for the day. Nifty Metal (+1.5%) led the gains, followed by IT (+1.4%) and Fin Service (+1.3%).
The distribution day count now stands at three after one expired last week. Further, Nifty is now trading near its all-time high and is placed above all its key moving averages. We would like Nifty to continue this trend. On the flip side, if the index adds a couple of distribution days, stages a reversal, or breaches its key moving averages, we may change the market status to an Uptrend Under Pressure. Reducing exposure to stocks breaking below their 21- or 50-DMA on higher volume is important.
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