At 8:00am IST, the SGX Nifty Futures was trading at 13,713, compared with Nifty’s close of 13,601 yesterday.
Market status: Confirmed Uptrend
Distribution days: Four
Global stock markets: Dow30, +0.4%; S&P 500, +0.1%; Nasdaq, -0.3%; Nikkei, +0.5%; Kospi, +0.8%; Hang Seng, +0.2%
Yesterday, after a flat opening, Nifty witnessed significant buying interest and remained bullish throughout the day. It formed higher highs on the hourly chart and closed above 13,600, holding significant gains. Volume was lower than the previous session. The broader market posted outperformance as compared with the general market. Midcap closed 2.5% higher, while smallcap closed with a gain of 2.7%.
All the sectors closed in the green for the second consecutive day. Nifty Realty (+4%) advanced the most, followed by Nifty Media and IT, which advanced 3.3% and 2.5%, respectively. Nifty Metal and Nifty Pharma continued the gaining momentum and closed 1.8% and 1.7% higher, respectively. Further, Nifty Auto, Bank, FMCG, and PVT Bank were up in the range of 0.5–1.5%.
Looking ahead, we would like the index to hold its 21-DMA and trade above it. It is advised to closely review the existing positions and book profits in stocks that are extended from their moving averages and showing technical weakness. Also, tracking distribution days is crucial. If the distribution day is elevated further, it can halt the uptrend.
Arss Infr.Projects received order for execution of work of four laning of Itanagar to Banderdewa section of NH-415 on EPC mode in Arunachal Pradesh.
Bharti Airtel added 36.74 lakh users in October as compared with 37.8 lakh additions in September.
Vodafone Idea lost 26.56 lakh users in October against the loss of 46.53 lakh users in September.
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, 84%; Rally Attempt, 0%; Uptrend Under Pressure, 12%; Downtrend, 4%.
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, 54%; Downtrend, 0%.