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SGX Nifty Indicates Flat Opening; IG Petrochemicals and Mahanagar Gas to Report Results Today

May 24 2021
At 8:00 am IST, SGX Nifty Futures was trading at 15,185, compared with Nifty’s Friday close of 15,175.
Market Pulse: Confirmed Uptrend
Distribution Day Count: Three
Global stock markets: Dow30, +0.4%; S&P 500, -0.1%; Nasdaq, -0.5%; Kospi, -0.4%; Nikkei, +0.2%; Shanghai Composite, -0.2%
Friday, the index opened higher and continued gaining momentum to close near the day’s high. The action qualified as an additional follow - through day as the index closed with more than 1.5% gains on higher volume than on the previous session. On the sectoral front, all the sectors closed in the green. Nifty Bank and Nifty PSU Bank closed 3.8% higher each. Nifty Private Bank and Financial Service also advanced more than 3%.
Last week, Nifty retook its 50-DMA, did not add a distribution day, and registered an additional follow-through day, which are positive signs. We would like the index to hold its 50-DMA and trade above that. Without trying to predict and decode stories, we will take what the market gives and continue to monitor unfolding conditions. 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 relative strength line at or near new highs while reducing exposure to stocks breaking below key support levels.
Key Results Today: I G Petrochemicals, Balaji Amines Limited, Mahanagar Gas , Poly Medicure, and others.
Key News:
Shree Cement reported its Q4 FY21 results. Standalone revenue was up 22.2% y/y to Rs 3,930.8 crore. It reported a profit of Rs 767.6 crore compared with a profit of Rs 588.1 crore in Q4 FY20.
Jsw Steel reported its Q4 FY21 results. Revenue increased 50.6% y/y to Rs 26,934 crore. It reported a profit of Rs 4,191 crore compared with a profit of Rs 188 crore in Q4 FY20.
United Spirits reported its Q4 FY21 results. Revenue increased 12% y/y to Rs 2,230.4 crore. It reported a profit of Rs 203.3 crore compared with a profit of Rs 49.3 crore in Q4 FY20.

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