Market Pulse: Confirmed Uptrend
Nifty50: Four Nifty Midcap100: Four Nifty Smallcap100: Five
Global Stock Markets: Dow 30, +0.2%; Nasdaq, +0.8%; S&P 500, +0.4%; Nikkei, -0.5%; Kospi, -0.8%; Shanghai Composite, +0.3%.
Yesterday, Nifty had a muted start, briefly opening higher. Though it failed to trade in the green, the index traded in a very narrow range. In the second half, it came under selling pressure and slipped below 18,000. It also closed below its 21-DMA. Nifty escaped adding a distribution day as the volume was low. The index was under pressure mainly due to weakness in banking stocks and RIL. The broader markets also closed off highs.
It was a mixed reaction on the sectoral front. Nifty Auto closed 2.5% higher. All Auto-related stocks were in momentum on some reports that mention normalizing chip production. Nifty IT closed 0.5% higher. Nifty Bank, Financial Services, FMCG, Pharma, and Oil & Gas closed 0.5–1.5% lower.
The distribution day count currently stands at four. 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 1% above its 50-DMA. Reducing exposure to stocks breaking below their 21- or 50-DMA on higher volume is important.
Tourism Fin.Corp. (Nse) Of Ida. will consider issuance of Non-Convertible Debentures (NCDs) on private placement basis on November 22.
Pfizer (Nse) signed a deal with a UN-based group to allow other manufacturers to make its antiviral COVID-19 pill. This deal will let the drug companies manufacture this drug in 95 countries.
Akasa, an airline start-up backed by Rakesh Jhunjhunwala, placed an order with Boeing for 72 aircraft. The airline plans to offer commercial flights in India starting summer of 2022.