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SGX Nifty Indicates Higher Opening; Oil and Natural Gas Corporation, Ashok Leyland to Report Results Today

Posted Date: June 24 2021
At 8:15 am IST, SGX Nifty Futures was trading at 15,770, compared with Nifty’s close of 15,687 yesterday.

Market Pulse: Confirmed Uptrend

Distribution Day CountThree

Global stock markets: Dow30, -0.2%; S&P 500, -0.1%; Nasdaq, +0.1%; Kospi, +0.4%; Nikkei, +0.1%; Shanghai Composite, -0.2%

Yesterday, Nifty gapped higher by almost 100 points. However, it came under selling pressure in the first hour itself and turned negative. After moving sideways during the day, it fell more in the last hour, but closed above its 21-DMA. Yesterday’s action was not considered a distribution day as volume was very low. The broader market also failed to hold its opening gains and closed in the red.

On the sectoral front, barring Nifty Auto (+0.4%), all sectors closed lower. Maruti led the gains in Auto stocks as it raised the price of most of its models. Nifty Metal and IT closed almost 1% lower, dragging the index down.

The distribution day count currently stands at three. 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.

Results Today: Mishra Dhatu NigamOil & Natural GasAshok Leyland, among others

Key News:

Speciality Restaurants posted Q4 FY21 results. It reported PAT of Rs 8.4 crore as against a loss of Rs 37.1 crore for Q4 FY20. Revenue was down to Rs 65.42 crore from Rs 75.41 crore in Q4 FY20.

Allcargo Logistics posted Q4 FY21 results. It reported PAT of Rs 5.9 crore as against a profit of Rs 54.1 crore for Q4 FY20. Revenue advanced to Rs 3,349.3 crore from Rs 1,871 crore in Q4 FY20.

Godawari Power & Ispat received environment clearance from the impact assessment division of the Ministry of Environment & Forests & Climate Change, Government of India. It can now enhance iron ore production capacity from 1.405 MTPA to 2.35 MTPA at its Ari Dongri Iron Ore Mines at Chhattisgarh.

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