Article Image

SGX Nifty Indicates Gap-Up Opening; Bajaj Finance and Axis Bank to Report Today

Posted Date: July 21 2020
Market Preview

At 8:00am IST, the SGX Nifty Futures was trading at 11,115, compared with Nifty’s close of 11,022 yesterday.

Market status: Confirmed Uptrend

Global stock markets: Dow 30, +0.03%; S&P 500, +0.8%; Nasdaq, +2.5%; KOSPI, +1.3%; Nikkei, +0.6%; Hang Seng, +1.5%

Yesterday, Indian markets had a gap-up opening wherein Nifty opened about 100 points higher and traded in a narrow range compared with the normal daily traded range. Last hour buying helped Nifty to close near the day's high. It closed above 11,000, the level that was breached in March. Broader market indices, Nifty Midcap (+0.9%) and Smallcap (+1.2%), closed higher for the day.

On the sectoral front, barring Nifty Pharma (-1.6%), all the indices closed in the green. Nifty IT (+2.6%) was the biggest gainer, followed by financial-related sectors. FIIs’ net buying was Rs 1,708 crore while DIIs’ net selling was Rs 1,522 crore.

The Indian market remains in a Confirmed Uptrend. However, things can change quickly due to high volatility. We are operating in an uncertain environment where information is distributed unevenly, and it is an environment where outside forces, either intentionally or unintentionally, affect prices across various time frames. We will continue to monitor the behavior of leading stocks and keep an open mind as to how it unfolds. We will wait for solid entry points before buying.

Key News

Bajaj FinanceAxis Bank, and Sbi Life Insurance Co will report their Q1 FY21 results today.

Acc released Q1 FY21 results. PAT stood at Rs 270.9 crore as against Rs 455.7 crore for the same period last year, while total revenue declined to Rs 2,602.2 crore as compared with Rs 4,149.8 crore a year ago.

Wipro (Nse) entered into a  partnership with ComplianceQuest to develop transformative quality management solutions for the medical devices and life sciences industries.

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, 54%; Rally Attempt, 0%; Uptrend Under Pressure, 42%; Downtrend, 4%.

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...