At 8:00am IST, the SGX Nifty Futures was trading at 11,336, compared with Nifty’s close of 11,301 yesterday.
Market status: Confirmed Uptrend
Global stock markets: Dow 30, -0.8%; S&P 500, -0.7%; Nasdaq, -1.3%; KOSPI, +0.5%; Nikkei, -0.7%; Hang Seng, +0.4%
Yesterday, Nifty opened higher and managed to hold gains in the first half. In the last four sessions, Nifty traded in a tight range of 11,056–11,240. Nifty found resistance near 11,240 in yesterday’s session as well. However, in the second half, strong upward momentum in the cement, auto, and IT stocks helped Nifty break out from brief consolidation and close 1.5% higher. As volume was higher than Monday’s session, we considered yesterday’s move as an additional follow-through day.
On the sectoral front, barring Nifty Media (-0.2%), all the sectors closed in the green. Nifty Auto, Metal, and IT closed 2–3% higher. Nifty Bank, Realty, and Financial Services closed 1.0–1.5% higher. FIIs’ net buying was Rs 246 crore and DIIs’ net selling was Rs 1,017 crore.
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.
Niit Technologies released Q1 FY21 results. PAT declined 29.7% q/q to Rs 79.9 crore, while revenue was down 4.7% q/q to Rs 1,057 crore. Margin declined 230bps to 11.6%.
Castrol India released Q1 FY21 results. PAT declined 64.2% y/y to Rs 65.4 crore, while revenue was down 52.8% y/y to Rs 490.6 crore. Margin was down 790bps to 19.4%.
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, 54%; Rally Attempt, 0%; Uptrend Under Pressure, 42%; 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%.