Global stock markets: Dow30, -1.6%; S&P 500, -1.3%; Nasdaq, -0.9%; Kospi, -1.1%; Nikkei, -3.7%; Shanghai Composite, +0.2%
Friday was a highly volatile session as Nifty traded in a range of over 300 points. After a positive start, the index quickly lost more than 300 points and breached its 21-DMA momentarily. It then recovered well from the lows to pare most of its intraday losses and reclaim its 21-DMA. Last week, barring Nifty FMCG (+1.8%) and IT (+0.8%), all sectoral indices closed lower. Nifty Metal(-6.6%) declined the most. Nifty Pharma, Auto, Energy, PSU Bank, and Realty declined 3–4%.
The distribution day count currently stands at three. 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.
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Ntpc posted Q4 FY21 results. PAT grew 2.9x y/y to Rs 4,649 crore. Revenue declined to Rs 30,102.6 crore from Rs 30,391.5 crore in Q4 FY20.
Hinduja Global Solutions posted Q4 FY21 results. PAT grew 1.9x y/y to Rs 130.3 crore. Revenue advanced to Rs 1,563.6 crore from Rs 1,285.7 crore in Q4 FY20.
Icici Bank received reaffirmation of its BBB- rating from global rating agency S&P; the outlook has been changed from negative to stable.
List of stocks with potential high tight flag formation
Note: Top ten stocks selected as per Master Score