At 8:00am IST, the SGX Nifty Futures was trading at 15,090, compared with Nifty’s close of 15,050 on Friday.
Market status: Confirmed Uptrend
Distribution days: Four
Global stock markets: Dow30, +0.9%; S&P 500, +0.1%; Nasdaq, -0.6%; Nikkei, +0.4%; Hang Seng, +1.4%; Kospi, -0.1%
On Friday, selling pressure was concentrated among largecap stocks, dragging Nifty more than 1% lower. As the volume was higher compared with the previous session, the index registered a distribution day. Advance-decline ratio was in favor of decliners. Out of 2,239 stocks, 758 advanced, 1,135 declined, and the rest remained unchanged.
On the sectoral front, there was a mixed and muted action last week. Nifty IT (+2.6%) was the top gainer, while Nifty Realty (-2.3%) was the top decliner. Nifty Bank and Financial Services closed 0.7–1.0% higher. While Nifty Energy, FMCG, Metal, and Pharma closed 0.1-1.0% lower.
Looking ahead, we may downgrade the status to an Uptrend Under Pressure if Nifty falls below its 21-DMA on higher volume and the distribution day count increases. Further, we may downgrade the status to a Downtrend if Nifty breaches its 50-DMA, distribution day count increases above five, and leading stocks break below key support levels. On the flip side, the confidence on uptrend will enhance if Nifty makes a move toward a new high or stages an additional follow-through day.
Sbi Cards And Payment Services approved the proposal to raise Rs 2,000 crore by issuing bonds.
Craftsman Automation to launch its IPO today. Price band is fixed at Rs 1,488-1,490. At the higher price end, the company plans to raise Rs 824 crore.
Laxmi Organic to launch its IPO today, with a price band of Rs 129-130. The offer includes fresh issue of Rs 300 crore and an OFS of Rs 300 crore.
India’s foreign currency holdings stood at $580.3B as of March 5, while overtaking Russia’s $580.1B. China has the largest reserves, followed by Japan, Switzerland, and India.
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, 34%; Rally Attempt, 8%; Uptrend Under Pressure, 58%; Downtrend, 0%.
For the 24 developed markets tracked by our institutional research team, the market status breakdown is as follows: Confirmed Uptrend, 54%; Rally Attempt, 8%; Uptrend Under Pressure, 38%; Downtrend, 0%.