At 8:00am IST, the SGX Nifty Futures was trading at 11,580, compared with Nifty’s close of 11,535 yesterday.
Market status: Uptrend Under Pressure
Global stock markets: Dow 30, +1.6%; S&P 500, +1.5%; Nasdaq, +1%; Nikkei, +1.1%; Hang Seng, +0.3%; KOSPI, +0.4%
Yesterday, Nifty opened on a flat note and traded in both positive and negative territories. In the second half, some buying helped the index close near the day’s high. Volume of shares traded dried up for two consecutive days. In the broader market, Nifty Midcap and Nifty Smallcap closed 1.5% and 1.7% higher, respectively.
On the sectoral front, barring Nifty PSU Bank (-0.4%) and Fin Service (-0.03%), all the sectoral indices closed in the green. Nifty Media (+3.4%) and Metal (+1.8%) advanced the most.
The market status was recently changed to an Uptrend Under Pressure. We will be slightly cautious while initiating fresh long positions. We will change the status to a Downtrend if two or three more distribution days are added or if Nifty breaches its 50- and 200-DMA. On the flip side, the status will be shifted back to a Confirmed Uptrend if Nifty retakes the 11,795 level (high made during the recent rally).
Coal India (Nse) reported Q1 FY21 results yesterday. Revenue from operations was down 25.8% y/y to Rs 18,486.8 crore. It reported a standalone profit of Rs 2,077.5 crore, compared with a profit of Rs 4,630 crore for the same quarter last year.
Dish Tv India reported Q1 FY21 results yesterday. Revenue from operations was down 9.8% y/y to Rs 835.6 crore. It reported a profit of Rs 76 crore, compared with a loss of Rs 32 crore for the same quarter last year.
Engineers India (Nse) bagged an order worth Rs 450 crore from GAIL.
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, 54%; Rally Attempt, 8%; Uptrend Under Pressure, 30%; Downtrend, 8%.
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%.