At 8:00 am IST, the SGX Nifty Futures was trading at 10,754, compared with Nifty’s close of 10,802 on yesterday.
Market status: Confirmed Uptrend
Global stock markets: Dow 30, +0.1%; S&P 500, -0.9%; Nasdaq, -2.1%; KOSPI, -0.5%; Nikkei, -0.8%; Hang Seng, -1.5%
Yesterday, after taking cues from global markets, Nifty opened about 80 points higher and briefly retook its 200-DMA. However, it quickly succumbed to selling pressure and gave up all its gains. Some improvement in the last hour of the session helped Nifty to end in the green, but below its 200-DMA. In the broader market, Nifty Midcap closed with a loss of 0.4%, while Smallcap closed with a gain of 0.1%. FIIs’ net buying was Rs 225 crore while DIIs’ net selling was Rs 1,495 crore.
It was a mixed reaction on the sectoral front. Nifty IT (+1.6%) and Metal (+1.3%) were the biggest advancers, whereas Nifty PSU Bank (-1.6%) and Realty (-1.6%) were the major decliners. Market breadth was inclined toward decliners. Of 2,186 stocks traded, 1,079 advanced, 777 declined, and the remaining traded flat.
The Indian market remains in a Confirmed Uptrend. However, things can change quickly due to high volatility. We are operating in an uncertain environment where information is distributed unevenly, and it is an environment where outside forces, either intentionally or unintentionally, affect prices across various time frames. We will continue to monitor the behavior of leading stocks and keep an open mind as to how it unfolds. We will wait for solid entry points before buying.
Bata India announced that 1,200 of its 1,400 stores are being reopened across the country as per the central/state government relaxations rules.
June CPI inflation came in at 6.09%. Vegetables, fuel and light, and housing inflation was 2–4%. Pulses inflation was at 16.68%.
Biocon (Nse)’s partner Equillium is planning to conduct a global randomized controlled clinical trial of Itolizumab in COVID-19 patients. It will file a U.S. investigational new drug application (IND).
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, 58%; Rally Attempt, 0%; Uptrend Under Pressure, 42%; Downtrend, 0%.
For the 24 developed markets tracked by our institutional research team, the market status breakdown is as follows: Confirmed Uptrend, 35%; Rally Attempt, 0%; Uptrend Under Pressure, 65%; Downtrend, 0%.