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SGX Nifty Indicates Negative Opening; ECL Commissions 250 KW Solar Project

Posted Date: September 20 2021 | Reading Time: 2 minutes
At 8:10 am IST, SGX Nifty Futures was trading at 17,446, compared with Nifty’s close of 17,585 on Friday.

Market Pulse: Confirmed Uptrend

Distribution Day Count:

Nifty50: Two Nifty Midcap100: Three Nifty Smallcap100: Two

Global stock markets: Dow 30, -0.5%; Nasdaq, -0.9%; S&P 500, -0.9%; Nikkei, +0.6%; Kospi, +0.3%; Shanghai Composite, +0.2%.

On Friday, Nifty50 gapped up above 17,700 and made a new all-time high of 17,792. However, profit-booking was seen across markets, and the index fell more than 250 points from its all-time high. Except for Nifty Metal (-1.4%) and Realty (-0.9%), all sectoral indices closed higher. Nifty Media (+13.3%) was the top gainer, followed by financial-related indices, which advanced 3–5%. Of the 2,019 stocks traded, 576 advanced, 1,370 declined, and the rest remained unchanged.

The distribution day count currently stands at Two. Further, Nifty is now trading near its all-time high, above all its key moving averages. We would like the index to continue this trend. After such a sudden rally, one must also be prepared for some mild profit booking. In the process, if the index adds a couple of distribution days, stages a reversal, or breaches its key moving averages, we may change the market status to an Uptrend Under Pressure. Reducing exposure to stocks breaking below their 21- or 50-DMA on higher volume is important.

Key News

Coal India (Nse) subsidiary Eastern Coalfields Ltd (ECL) has commissioned a 250-kilowatt rooftop solar project, ramping up its total installed capacity to 692 KW.

Force Motors is bullish on the tours and travel segment and noted that the tour, travel, and hospitality industry has a great future in the country going forward.

What do you think? Please email us any questions or comments.

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