At 8:00am IST, the SGX Nifty Futures was trading at 11,262, compared with Nifty’s close of 11,408 yesterday.
Market status: Confirmed Uptrend
Global stock markets: Dow 30, -0.4%; S&P 500, -0.4%; Nasdaq, -0.5%; Nikkei, -0.7%; Hang Seng, -2%; KOSPI, -2.3%
Yesterday, Nifty opened around 70 points higher, continuing its uptrend. As the session progressed, it pared most of its gains to close just 0.2% higher. Out of Nifty50 stocks, 56% advanced, led by Zee Entertainment Ents. (+13.1%) and Gail (India) (Nse) (+4.6%). On the sectoral front, it was a mixed action inclined toward advancers. Nifty Media led the rally with a gain of 5.4%, followed by Nifty PSU Bank (+2.4%) and Realty (+1.3%). Market breadth was skewed toward advancers. Of 2,187 stocks traded, 1,217 advanced, 612 declined, and the remaining traded flat. FIIs’ net buying was at Rs 460 crore, while DIIs’ net selling was Rs 97 crore. Nifty is trading 1.8% and 6.0% above its rising 21- and 50-DMA, respectively.
The Indian market remains in a Confirmed Uptrend. We would like to see fresh names flexing their muscles for a sustainable rally. We do think it is important to be selective in this environment and we would remain disciplined with entries, requiring a basing period before establishing fresh positions. However, things can change quickly due to high volatility. We are operating in an uncertain environment where information is distributed unevenly, wherein outside forces, either intentionally or unintentionally, affect prices across various time frames. We will continue to monitor the behavior of the market and keep an open mind as to how it unfolds.
O’Neil Market Condition Report
For the 24 emerging markets tracked by our institutional research team, the market status breakdown is as follows: Confirmed Uptrend, 50%; Rally Attempt, 12%; Uptrend Under Pressure, 38%; Downtrend, 0%.
For the 24 developed markets tracked by our institutional research team, the market status breakdown is as follows: Confirmed Uptrend, 46%; Rally Attempt, 0%; Uptrend Under Pressure, 50%; Downtrend, 4%.