Nifty Fails to Hold Above its 21-DMA; SBI Card to Consider Raising Rs 2,000 Crore

Posted Date: March 08 2021
Article Image
Today’s Action

Nifty, +0.1%; Sensex, +0.1%; Nifty Midcap, +0.3%; Nifty Smallcap, +0.5%; Model Portfolio, +0.3%

Market Pulse Confirmed Uptrend

Distribution Day Count: Three

After succumbing to a fag-end selloff last week, it gapped higher today and moved above its 21-DMA. It made an intraday high of 15,109 but staged a reversal and closed below 15,000. The volume was comparatively lower. On the sectoral front, Nifty Bank was very volatile. It shed the opening hour gains and closed 0.2% higher. Nifty IT, Metal, and Pharma closed 0.3–1.0% higher. On the flip side, Nifty Auto, Financial Service, and FMCG closed 0.2–0.5% lower. Advance-decline ratio was in favor of advancers.

Last week, three distribution days expired due to aging and one was added on Friday, after which the total count stands at three. The decrease in 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.

 
 
 
 

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...