Global stock markets: Dow30, -0.6%; S&P500, -0.4%; Nasdaq, +0.5%; Nikkei, -0.2%; Kospi, -0.3%; Hang Seng, -0.7%
Market status: Confirmed Uptrend
Distribution days: Three
Yesterday, Nifty, after a gap up opening, slipped toward the day’s low of 13,473 in the first half of the trading session. However, it posted a handsome recovery in the last hour and came off-lows to close 0.3% higher. Volume was lower than the previous session. Broader markets outperformed as Midcap and Smallcap indices gained 0.6% and 0.8%, respectively. Nifty is trading 9.0% and 25.3% above its 50- and 200-DMA.
On the sectoral front, Nifty Media advanced the most, followed by Nifty Metal and PSU Bank, which gained 1.4% and 1.8% for the day. On the flip side, Nifty Realty and Auto declined in the range of 1.0–1.1%. Market breadth was skewed toward advancers. Of 2,233 stocks traded, 1,204 stocks advanced, 697 declined, and the remaining stocks remained unchanged.
With leadership broadening and indices above relevant intermediate term-moving averages, we will continue to look for leadership-quality growth names to form entry points. After a strong rally, pullback/consolidation (if any) is a constructive sign if Nifty holds its 21-DMA. It is advised to closely review the existing positions and book partial profits in stocks that are extended from their moving averages. On the flip side, tracking distribution days is crucial. Accumulation of distribution days can halt the uptrend.
Key News
Retail inflation for November decreased to 6.93% from 7.61% a month ago.
Indian Bank raised Rs 560 crore by issuing Basel-III compliant bonds on a private placement basis. The coupon on the bond is 8.44% per annum, payable annually.
Bank Of Maharashtra has raised more than Rs 200 crore through a private placement basis. This is part of the company's Rs 1,000 crore fundraising program.
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, 92%; Rally Attempt, 0%; Uptrend Under Pressure, 8%; Downtrend, 0%.
For the 24 developed markets tracked by our institutional research team, the market status breakdown is as follows: Confirmed Uptrend, 67%; Rally Attempt, 0%; Uptrend Under Pressure, 33%; Downtrend, 0%.
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