SGX Nifty Indicates Positive Opening; Titan and Hindustan Unilever to Declare Q4 Results Today
Posted Date: April 29 2021
At 8:15 am IST, SGX Nifty Futures was trading at 15,040, compared with Nifty’s close of 14,864 yesterday. Market Pulse: Confirmed Uptrend Global stock markets: Dow30, -0.5%; S&P 500, -0.1%; Nasdaq, -0.3%; Kospi, +0.4%
Yesterday, Nifty opened 50 points higher, gained momentum as the session progressed, and closed near the day’s high. We considered yesterday’s move as a follow-through day and upgraded market status to a Confirmed Uptrend. The logic behind it: 1) Nifty and Sensex gained 1.44% and 1.6%, respectively. 2) Volume was higher than the prior session. 3) Nifty reclaimed its 50-DMA. 4) Market breadth is improving (Nifty Midcap50 closed 1.7% higher). 5) Leading stocks are in momentum and off lows.
On the sectoral front, barring Nifty Pharma (-0.3%), Metal (-0.3%), and Realty (-0.9%), all others closed in the green. Nifty Bank and Financial Service closed 3% higher each. FIIs and DIIs net buying was Rs 766 crore and Rs 436 crore, respectively.
Looking ahead, without trying to predict and decode stories, we will take what the market gives and continue to monitor unfolding conditions. Stocks that are breaking out of consolidation have higher relative strength, and superior fundamentals can do well. Continue to trim or avoid ideas lagging and/or breaking down below major moving averages.
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