At 8:00am IST, the SGX Nifty Futures was trading at 15,222, compared with Nifty’s close of 15,098 yesterday.
Market status: Confirmed Uptrend
Distribution days: Three
Global stock markets: Dow30, +0.1%; S&P 500,+1.4%; Nasdaq, +3.7%;Nikkei, -0.03%; Hang Seng, -0.02%; Kospi, -0.1%
Yesterday, Nifty gapped higher in the morning, but slipped around 200 points from the opening hour high. However, in the last couple of hours, it staged an upside reversal and reclaimed its 21-DMA, closing near 15,100. Volume was comparatively higher. On the sectoral front, there was mixed action. Nifty Bank and Financial Services were the top gainers. Kotak Bank, HDFC Bank, ICICI Bank, and HDFC closed 2.5–3.0% higher. Nifty IT closed more than 1% higher. On the flip side, Nifty Metal was down more than 2%. The selling pressure was high in the broader market.
Last week, three distribution days expired due to aging and one was added on 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.
Au Small Finance Bank launched its qualified institutional placement (QIP) issue on March 9 and fixed the floor price at Rs 1,181 per share.
Max Healthcare Institute closed its QIP issue with issue price at Rs 195.40 per share.
Godrej Properties launched its QIP issue on March 9 and fixed the floor price at Rs 1,513.39 per share.
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%.