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Nifty Escapes Distribution Day; IRCON Bags Order Worth Rs 1,900 crore From Railways

Nifty, after a gap-down opening, tried to fill the gap in the initial hours and traded toward 11,587. However, the index staged a reversal with intensifying selling pressure and closed near the day's ...

Nifty, after a gap-down opening, tried to fill the gap in the initial hours and traded toward 11,587. However, the index staged a reversal with intensifying selling pressure and closed near the day's low holding decent loss. Though the index fell more than 0.2%, it escaped a distribution day as volume was slightly lower compared with the previous session. The broader market behaves in sync with the major indices. Nifty Midcap was down 0.3%, while Smallcap closed 0.5% lower.

On the sectoral front, the majority of sectors closed in the red. Nifty Realty (-1.7%) staged a sharp reversal and declined the most followed by Nifty Metal and Nifty PSU Bank which were down 1.4% and 1.2%, respectively. On the flip side, Nifty Pharma (+0.4%) extended the gain, while Nifty IT and Nifty Media added 0.2% and 0.4%, respectively. Advance-Decline ratio was skewed toward decliners. Out of 2,198 stocks traded, 690 advanced, 1,132 declined, and the rest remained unchanged.

As the market is in an Uptrend Under Pressure, investors should proceed ahead with caution. Unless a stock shows exceptional fundamental and technical strength, no new addition to the portfolio is advised. Investors should consider booking profits in stocks that have performed well and have advanced 20–25% from their ideal buy points. Looking forward, we will change the status to a Downtrend, if more distribution days are added or if Nifty breaches the 50-DMA (11,250) and the 200-DMA (10,784). On the flip side, the status will be back to a Confirmed Uptrend if Nifty retakes 11,795 level (high during the recent rally).

 

Key News

Dr. Reddy's Laboratories (+4.3%) announces the launch of over-the-counter Olopatadine Hydrochloride Ophthalmic Solution, used to treat itching and redness in eyes due to allergies.

Ircon International Limited(+4.4%) bagged order worth Rs 1,900 crore from Railways for electrification works of various routes.

Ramco Systems (Nse) (+5%) has entered into a partnership with Arla FoodsFind Article, for modernizing and transforming its multi-country payroll operations on Ramco’s global payroll platform. Arla Foods is the world's largest producer of organic dairy products.

 

Check out MarketSmith India for more.

Source: Free Articles from ArticlesFactory.com

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