Global Markets Trade Higher; Apollo Hospital and Allcargo Logistics to Report Results Today

Posted Date: June 23 2021
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At 8:15 am IST, SGX Nifty Futures was trading at 15,909, compared with Nifty’s close of 15,773 yesterday.
 

Market Pulse: Confirmed Uptrend

Distribution Day Count: Three

Global stock markets: Dow30, +0.2%; S&P 500, +0.5%; Nasdaq, +0.8%; Kospi, +0.4%; Nikkei, +0.04%; Shanghai Composite, +0.4%

Yesterday, Nifty gapped higher by almost 100 points and gained more strength in the opening hour. It came close to its all-time high of 15,901, but failed to make a new high. However, Sensex made a new all-time high of 53,057. After the opening hour, the market gradually came under selling pressure and surrendered gains. The broader market also failed to hold its opening gains.

On the sectoral front, Nifty Bank reversed more than 400 points from its intraday high, dragging the index down. Barring Nifty Auto (+1.2%) and IT (+0.5%), all other sectoral indices closed flat to negative.

The distribution day count currently stands at three. If the index falls further, adds a distribution day, and breaches its key moving averages, we may change the market status to an Uptend Under Pressure. Focus on quality ideas emerging out of sound bases with RS line at or near new highs while reducing exposure to stocks breaking below key support levels.

Read our new article on World Test Championship and O'Neil Methodology: Game of Leaders

Results Today: Apollo Hosps.EnterpriseAllcargo LogisticsDeepak Spinners, among others

Key News:

Bharat Electronics posted Q4 FY21 results. PAT advanced 30.7% y/y to Rs 1,368.2 crore. Revenue grew to Rs 6,918 crore from Rs 5,817 crore in Q4 FY20.

Sobha posted Q4 FY21 results. It reported PAT of Rs 17.9 crore as against a profit of Rs 50.7 crore for Q4 FY20. Revenue declined to Rs 553.4 crore from Rs 910.1 crore in Q4 FY20.

Hero Motocorp declared a hike in the ex-showroom prices of its motorcycles and scooters, effective from July 1.

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Disclaimer: Information contained herein is not and should not be construed as an offer, solicitation, or recommendation to buy or sell securities. It is for educational purposes only.For more information, see our Legal disclosures here.
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