Nifty Remains Range-bound Through the Day; Ramco Cement Results Marginally Beat Estimates

Nifty, 0.1%; Sensex, 0.3%; Nifty Midcap, -1.7%; Nifty Smallcap, -2.3%; Model Portfolio, -2.8%.

Market Pulse: Confirmed Uptrend

Distribution Day Count: Three

Nifty started the day on a negative note and continued to trade lower in the first hour of the session. The index made a low of 17,968 and then staged a recovery from that point. However, it remained range-bound throughout the day. Nifty managed to end the session on a positive note at 18,125. ICICI Bank remained the saving grace of the day as the stock moved up 11.5% during the session.

The broader market indices remained under pressure. Of 2,063 stocks traded, 535 stocks advanced, 1,477 declined, and the remaining closed flat. On the sectoral front, financial indices were the top performers, with Bank Nifty and Nifty PSU Bank closing higher 2.2% and 1.1%, respectively. On the flip side, Nifty Realty and Nifty Auto slipped 2.8% and 1.8%, respectively.

Source : Google Images

One distribution day expired today, bringing the count to three. The market remains in an Uptrend, but if the index adds a couple of distribution days, stages a reversal, or breaches its key moving averages, we may change the market status to an Uptrend Under Pressure. Reducing exposure to stocks breaking below their 21- or 50-DMA on higher volume is important.