Nifty Erases Intraday Gains, Closes Slightly Above 10,300; Kalpataru Power Receives New Orders Worth Rs.956 Crore

Nifty, -0.1%; Sensex, -0.1%; Nifty Midcap, -0.2%; Nifty Smallcap, -0.6%; Model Portfolio, -0.5%

Market Pulse Confirmed Uptrend

Nifty made a gap-up opening, taking cues from global markets and traded in the narrow range for most part of the day. However, during the last hour, the index succumbed to selling pressure and closed with a minor loss. Volume was lower than the previous session. In the broader market, Nifty Midcap and Nifty Smallcap closed with a loss of 0.2% and 0.6%, respectively.

On the sectoral front, results were mixed. Nifty Auto (+1.1%) gained the most followed by Nifty FMCG which continued the gaining momentum and closed 0.3% higher. On the flip side, Nifty Media, Nifty Pharma, and Nifty PSU Bank declined 1–2%. Market breadth was inclined toward decliners. Of 2,126 stocks traded, 786 advanced, 1,020 declined, and the remaining traded flat.

The Indian market remains in a Confirmed Uptrend. However, things can change quickly due to high volatility. So, we will be watching the action closely with an eye to control risk and identify leadership; we will wait for solid entry points before buying. The O'Neil Methodology is a process to isolate leading stocks and buy them after a period of consolidation in order to be able to capitalize on an emerging trend. It is prudent to only invest in stocks that have strong fundamentals (i.e., good sales, earnings, margins, etc.) and that are breaking out of sound base structures on heavy volume.