Nifty, +1.9%; Sensex, +2.1%; Nifty Midcap, +1.0%; Nifty Smallcap, +0.9%; Model Portfolio, +1.8%
Market Pulse Confirmed Uptrend
Distribution Day Count: Five
It was a never before trading session as the NSE halted due to technical glitches. It was halted from 11:40 to 3:30, after which the session was extended till 5PM. Before the technical glitch, it was a volatile session but ended near the opening. In the extended session, Nifty rose sharply and hit 15,000 intraday. 72% of Nifty50 stocks closed in the green, led by Hdfc Bank (+5.1%) and Coal India (Nse) (+5.5%).
Barring Nifty IT (-0.1%), all the sectoral indices closed in the green. Financial related sectors advanced the most as the government lifted embargo on grant of private businesses to private banks. Advance-decline ratio was skewed toward advancers. Out of 2,238 stocks, 1,227 advanced, 600 declined, and the remaining were unchanged.
The distribution day count decreased to five on Monday as one distribution day expired. A couple of more distribution days will expire by Monday next week. However, we may downgrade the status to an Uptrend Under Pressure if it falls on higher volume and distribution day count increases. However, without trying to predict and decode stories, we will take what the market gives and continue to monitor unfolding conditions.
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.