At 8:05 am IST, SGX Nifty Futures was trading at 18,008, compared with Nifty’s close of 17,853 last Friday.
Market Pulse: Confirmed Uptrend
Nifty50: Two Nifty Midcap100: Three Nifty Smallcap100: Two
Global stock markets: Dow 30, +0.1%; Nasdaq, 0%; S&P 500, +0.2%; Nikkei, +0.3%; Kospi, +0.5%; Shanghai Composite, -0.4%.
On Friday, Nifty gapped up near 17,900 and made a new all-time high of 17,947, inching closer to 18,000. However, the benchmark pared most of its gains and closed 0.2% higher. Of the 2,036 stocks traded, 713 advanced, 1,235 declined, and the rest remained unchanged. On the sectoral front, Nifty PSU Bank (-4.4%), Metal (-3.3%), and Pharma (-0.5%) closed lower for the week. Nifty Realty (+21.2%) was the top gainer, followed by Nifty Media (+11.7%).
The distribution day count currently stands at two, with one set to expire this week. Further, Nifty is now trading above all its key moving averages. We would like the index to continue to trade above its key moving averages. 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.
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