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SGX Nifty Indicates Positive Opening; Escorts to Hike Tractor Prices from November 21

November 16 2021 | Reading Time: 2 Minutes
At 8:15 am IST, SGX Nifty Futures were trading at 18,186, compared with Nifty’s close of 18,109, yesterday.

Market PulseConfirmed Uptrend

Distribution Day Count:

Nifty50: Four Nifty Midcap100: Three Nifty Smallcap100: Five

Global Stock Markets: Dow 30, -0.04%; Nasdaq, -0.04%; S&P 500, -0.01%; Nikkei, +0.4%; Kospi, +0.3%; Shanghai Composite, +0.2%.

Yesterday, Nifty started the session gapping up 20 points and made the day’s high of 18,210 within the first 10 minutes. However, the index could not sustain the gains as it succumbed to selling pressure and closed flat. It was a mixed reaction on the sectoral front. Nifty Pharma (+2.8%) and FMCG (+2.7%) were the top performers for the day. Nifty Metal (-1.8%) and PSU Bank (-1.4%) were the major decliners. Yesterday, of the 2,088 stocks traded, 695 advanced, 1,332 declined, and the remaining closed flat.

Nifty reclaiming its 21-DMA is a good sign as it opens up possibilities for another upward move. The distribution day count currently stands at four. If the market succumbs to selling pressure and breaches its 50-DMA, we may change the market status to an Uptrend Under Pressure. Nifty is trading 1.6% above its 50-DMA. Reducing exposure to stocks breaking below their 21- or 50-DMA on higher volume is important.

Key News

Escorts will increase prices of its tractors from November 21. The company plans to consider raising funds via debentures or QIP or rights issue on this Thursday.

Msp Steel & Power’s Q2 FY22 revenue increased 28.3% y/y to Rs 571.7 crore. PAT surged 43.1% to Rs 9.4 crore.

Apollo Tyres (Nse) plans to hike its prices by 3-5% in order to offset increasing commodity prices.

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