Market Pulse: Confirmed Uptrend
Distribution Day Count: Four
Global stock markets: Dow30, +0.6%; S&P 500, +0.2%; Nasdaq, -0.2%; Kospi, -0.3%; Nikkei, -0.5%; Shanghai Composite, +0.02%
Yesterday, Nifty opened in the green and gained further as the session progressed. It made a high of 15,838 (close to Tuesday’s high) and reversed more than 100 points from there to close in the red. The broader market also reversed its gains from the first half, but closed in the green. Nifty closed briefly below its 21-DMA. However, the volume was lower.
On the sectoral front, only Nifty IT (+0.7%) closed higher. Nifty Auto, Bank, FMCG, Metal, Financial Services, and Pharma closed 0.1–0.6% lower. FIIs sold shares worth Rs 1,646.66 crore net, while DIIs bought shares worth Rs 1,520.18 crore net.
The distribution day count is currently elevated to four. If the index falls further, adds a distribution day, and breaches its key moving averages, we may change the market status to an Uptrend Under Pressure. Focus on quality ideas emerging out of sound bases with RS line at or near new highs while reducing exposure to stocks breaking below key support levels.
Dish Tv India posted Q4 FY21 results. It reported a loss of Rs 1,415.3 crore compared with a loss of Rs 1,456.3 crore for Q4 FY20. Revenue was down to Rs 751.8 crore from Rs 869.8 crore in Q4 FY20.
Agro Tech Foods (Nse) bought land in Kothur (Telangana), which is adjacent to its existing plant.
Fiem Industries posted Q4 FY21 results. It reported a profit of Rs 28 crore compared with a profit of Rs 22.3 crore for Q4 FY20. Revenue declined to Rs 421.2 crore from Rs 322.2 crore in Q4 FY20.
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