At 8:00 am IST, SGX Nifty Futures was trading at 15,716, compared with Nifty’s close of 15,576 yesterday. Market Pulse: Confirmed Uptrend
Distribution Day Count: Three Global stock markets: Dow30, +0.1; S&P 500, +0.1%; Nasdaq, +0.1%; Kospi, +0.8%; Nikkei, +0.3%; Shanghai Composite, -0.02% Nifty started the session on a weaker note yesterday and continued to move lower. However, in the last couple of hours, it advanced more than 100 points from the day’s low and closed flat. Yesterday, volume was on the lower side. Broader market indices outperformed the major index. Nifty Midcap and Smallcap gained more than 1%. On the sectoral front, Nifty Auto (+1.9%), Metal (+2.1%), and PSU Banks (+3%) were the top gainers. On the flip side, Nifty FMCG, IT, and Financial Services closed 0.2–0.7% lower. Last week, Nifty hit an all-time high and is currently trading 3.8% and 5.3% above its 21- and 50-DMA, respectively. We would like the index to hold its 21-DMA and/or 50-DMA and trade above that. Without trying to predict and decode stories, we will take what the market gives and continue to monitor unfolding conditions. If the index falls further, adds a distribution day, and breaches its key moving averages, we may change the market status to an Uptrend Under Pressure. Focus on quality ideas emerging out of sound bases with RS line at or near new highs while reducing exposure to stocks breaking below key support levels. Key Results Today: Cupid, Apl Apollo Tubes, Nilkamal Nse , and others. Key News: Mtar Technologies reported its Q4 FY21 results. Revenue was up 12% y/y to Rs 616 crore. PAT surged 104% y/y to Rs 88 crore. EBITDA grew 107% y/y to Rs 145 crore. Wipro signed a partnership deal with Finastra Partner to accelerate digital transformation in transaction banking. Ratnamani Metals & Tubes received a domestic order worth Rs 81.79 crore for carbon steel pipes from the oil and gas sector.
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