Market Pulse: Confirmed Uptrend
Nifty50: Five Nifty Midcap100: Four Nifty Smallcap100: Five
Global Stock Markets: Dow 30, -0.6%; Nasdaq, -0.3%; S&P 500, -0.3%; Nikkei, -0.9%; Kospi, -0.5%; Shanghai Composite, -0.5%.
Yesterday, Nifty gapped lower. It attempted to move higher and crossed 18,000 during the day, but failed to hold gains and closed 0.56% lower. As the volume was higher compared to the previous session, we marked the session as a distribution day. On the sectoral front, the action was mixed. Nifty Auto closed 0.7% higher. Nifty IT managed to closed in the green. Nifty Bank, Financial Services, Pharma, and Realty closed 0.5–1.5% lower.
The distribution day count currently stands at five. If the market succumbs to selling pressure and breaches its 50-DMA, we may change the market status to an Uptrend Under Pressure. Nifty is trading less than 0.5% above its 50-DMA. Reducing exposure to stocks breaking below their 21- or 50-DMA on higher volume is important.
Paytm operator One 97 Communications: Paytm shares will make a debut on the bourses today. The issue price has been fixed at Rs 2,150 per share.
Sapphire Foods: The company’s shares will list on the exchanges today. The issue price has been fixed at Rs 1,180 per share.
RBI’s new data release suggests, in the fortnight ended November 15, the bank credit grew 7.14% to Rs 111.64T and deposits grew 11.42% to Rs 160.49T.