Nifty Ends Higher in Volatile Session; IT Stocks Continue to Lead

Posted Date: July 16 2020
Article Image

Today’s Action

Nifty, +1.2%; Sensex, +1.2%; Nifty Midcap, +0.6%; Nifty Smallcap, -0.1%; Model Portfolio, +0.5%

Market Pulse Confirmed Uptrend

Yet another volatile trading session on the weekly expiry of Nifty and Bank Nifty option contracts. Nifty opened on a higher note but quickly succumbed to selling pressure and made the day’s low within 15 minutes. It pared its losses and traded in the green for most part of the session. Last hour buying helped Nifty to close near day’s high. Broader market indices, Nifty Midcap (+0.6%) and Smallcap (-0.1%) underperformed the Nifty.

On the sectoral front, Nifty IT (+2.8%) continued to lead the market and is the biggest gainer for two consecutive sessions. Followed by Nifty Pharma, Auto, and Bank closed 1.2–1.7% higher. On the flip side, Nifty Media (-1.7%) was the only sectoral index to close lower. Market breadth was inclined toward decliners. Of 2,157 stocks traded, 743 advanced, 1,072 declined, and the remaining traded flat.

The Indian market remains in a Confirmed Uptrend. However, things can change quickly due to high volatility. We are operating in an uncertain environment where information is distributed unevenly, and it is an environment where outside forces, either intentionally or unintentionally, affect prices across various time frames. We will continue to monitor the behavior of leading stocks and keep an open mind as to how it unfolds. We will wait for solid entry points before buying.

Key News

What do you think? Please email us any questions or comments.

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.
Loading...