At 8:00am IST, the SGX Nifty Futures was trading at 11,261, compared with Nifty’s close of 11,214 on Friday.
Market status: Confirmed Uptrend
Global stock markets: Dow 30, +0.2%; S&P 500, +0.1%; Nasdaq, -0.9%; KOSPI, +0.6%; Nikkei, -0.4%; Hang Seng, -0.2%
Nifty started the last week on a weaker note. On Monday, it breached its 21-DMA and also added a distribution day, taking its total count to three. However, it staged an upside reversal on Tuesday and closed in positive territory during the rest of the week.
On the weekly front, barring Nifty IT (-0.4%), all other indices closed in the green. Nifty Metal (7.8%) and Auto (+3.8%) were the outperformers. Nifty FMCG, Pharma, and Realty closed the week with a gain of 1.5–2.0%. The action in Nifty Midcap (+4%) and Smallcap (+5%) was very good. Many quality names, especially from the Pharma sector, broke out from their base and rallied.
The Indian market remains in a Confirmed Uptrend. We would like to see fresh names flexing their muscles for a sustainable rally. Finding favorable entries into powerful breakouts may be the best use for new money in the current market. 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.
Bata India announced Q1 FY21 results on Friday after market hours. Standalone revenue from operations dipped 84.7% y/y to Rs 134.8 crore. It reported a loss of Rs 101.1 crore compared with Rs 100.7 crore profit in the corresponding quarter last year.
Affle (India) released Q1 FY21 results during the weekend. Standalone revenue from operations increased 38.8% y/y to Rs 42.2 crore. PAT decreased 42.9% to Rs 3.6 crore.
Divis Laboratories (Nse) released Q1 FY21 results during the weekend. Standalone revenue from operations increased 50% y/y to Rs 1,709.9 crore. PAT grew 84% to Rs 492.2 crore.
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, 46%; Rally Attempt, 8%; 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, 20%; Rally Attempt, 0%; Uptrend Under Pressure, 68%; Downtrend, 12%.