Nifty, +0.7%; Sensex, +0.7%; Nifty Midcap, +0.3%; Nifty Smallcap, -0.02%; Model Portfolio, +0.6%
Market Pulse Uptrend Under Pressure
Distribution Day Count: Seven
Nifty opened flat today and remained volatile in the first half of the trading session. However, in the second half, the index showed positive momentum, formed higher highs and higher lows in the hourly chart and closed above 11,600 holding decent gains. Volume was slightly higher compared with the previous session. The broader market took a breather. Nifty Midcap was up 0.3%, while Smallcap closed flat.
On the sectoral front, Nifty Realty (+2.3%) outperformed, followed by Nifty Pharma (+2.1%) and Auto (+1.5%). Nifty PSU Bank (-0.5%) and Media (-1.6%) were the only two sectoral indices that closed in the red. Advance-Decline ratio was skewed toward advancers. Out of 2,196 stocks traded, 957 advanced, 838 declined, and the rest remained unchanged.
As the market is in an Uptrend Under Pressure, investors should proceed ahead with caution. Unless a stock shows exceptional fundamental and technical strength, no new addition to the portfolio is advised. Investors should consider booking profits in stocks that have performed well and have advanced 20–25% from their ideal buy points. Looking forward, we will change the status to a Downtrend, if more distribution days are added or if Nifty breaches the 50-DMA (11,235) and the 200-DMA (10,786). On the flip side, the status will be back to a Confirmed Uptrend if Nifty retakes 11,795 level (high during the recent rally).