At 8:00am IST, the SGX Nifty Futures was trading at 11,285, compared with Nifty’s close of 11,247 yesterday.
Market status: Confirmed Uptrend
Global stock markets: Dow 30, -0.3%; S&P 500, +0.3%; Nasdaq, +1%; Nikkei, -0.6%; Hang Seng, +0.2%; KOSPI, -0.4%
Yesterday, after a positive opening, Nifty quickly succumbed to selling pressure and made an intraday low of 11,144 within the first 30 minutes of trading. However, the index found support at its 21-DMA (11,175) and traded above it for most part of the session. Last hour buying helped the index to close near the day's high. FIIs’ net buying was at Rs 332 crore, while DIIs’ net selling was Rs 717 crore.Barring Nifty PSU Bank (-0.8%) and Pharma (-0.5%), all the sectoral indices closed in the green. Nifty Media led the rally with a gain of 3.0%, followed by Nifty Auto (+2.5%) and Metal (+2.4%). All the sectoral indices are trading above their respective 50-DMA. Barring Nifty Bank, Financial Services, and Realty, all other sectoral indices are trading above their respective 200-DMA.
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.
Petronet L N G (Nse) reported Q1 FY21 results. Revenue was down 43% y/y to Rs 4,951 crore. PAT was down 11% y/y to Rs 499 crore. Yesterday, the stock breached its 50-DMA but found support near its 200-DMA.
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, 50%; Rally Attempt, 12%; Uptrend Under Pressure, 38%; Downtrend, 0%.
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, 50%; Downtrend, 4%.