Nifty Trades Volatile, Closes Flat; Titan Q3 Revenue and Profit Miss Consensus

Nifty, -0.02%; Sensex, -0.04%; Nifty Midcap, +0.8%; Nifty Smallcap, +0.7%; Model Portfolio, +0.8%

Market Pulse Confirmed Uptrend

Distribution Day Count: Six

Nifty opened flat but traded volatile and hit a day’s low of 14,977. However, last hour buying interest helped the index recover about 125 points off lows. Volume was lower compared with the previous session. Both Midcap and Smallcap indices were up 0.8% and 0.7%, respectively.

On the sectoral front, mixed reaction was observed. Nifty Auto and Nifty Pharma were the major advancers which gained 1.0% and 0.7%, respectively. On the flip side, Nifty Pvt Bank was down 0.7% and Nifty Bank declined 0.8%. Advance-decline ratio was skewed toward decliners. Out of 2,231 stocks, 919 advanced, 971 declined, and the remaining were unchanged.

On last Wednesday, Nifty made a new high and moved above the previous rally high of 14,754. Hence, we changed the market status to a Confirmed Uptrend. However, the distribution day count remains elevated at six. Nifty is more than 5.1% above its 21-DMA. If the 21-DMA is breached, we may downgrade the status to an Uptrend Under Pressure. Without trying to predict and decode stories, we will take what the market gives and continue to monitor unfolding conditions.