At 8:00am IST, the SGX Nifty Futures was trading at 15,395, compared with Nifty’s close of 15,175 yesterday.
Market status: Confirmed Uptrend
Distribution days: Three
Global stock markets: Dow30, +0.6%; S&P 500,+1%; Nasdaq, +2.5%;Nikkei, +0.9%; Hang Seng, -0.6%; Kospi, +1%
On Wednesday, Nifty gapped higher in the morning and moved above 15,200 in the first hour. However, it slipped around 100 points from there and found support near 15,100. In the second half, Nifty moved higher and managed to close in the upper half of the day's range. The volume was comparatively lower. Barring Nifty PSU Bank, all other sectors closed in the green. Nifty IT, Metal, and Pharma gained 1.5–2.0% each. JSW Steel, Tata Steel, Hindalco, Cipla, Sun Pharma, and Tech Mahindra advanced 2–3%. After underperforming for a couple of sessions, the broader market outperformed benchmark indices.
Last week, three distribution days expired due to aging and one was added on last Friday, bringing the total count to three. The decrease in the distribution day count is a good sign. However, without trying to predict and decode stories, we will take what the market gives and continue to monitor unfolding conditions. We may downgrade the status to an Uptrend Under Pressure if Nifty falls below its 50-DMA on higher volume and the distribution day count increases.
Jsw Steel reported a fall in crude steel production in February to 13.06 lakh tonnes from 13.20 lakh tonnes for the same period last year.
Prestige Estates Prjs. completed phase 1 of the proposed transaction with Blackstone Group.
Astrazeneca Pharma India received import and market permission in Form CT-20 from the Drugs Controller General of India for Osimertinib 40mg/80mg film coated tablets.
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, 29%; Rally Attempt, 4%; Uptrend Under Pressure, 63%; Downtrend, 4%.
For the 24 developed markets tracked by our institutional research team, the market status breakdown is as follows: Confirmed Uptrend, 42%; Rally Attempt, 4%; Uptrend Under Pressure, 50%; Downtrend, 4%.