Free Articles, Free Web Content, Reprint Articles
Wednesday, January 27, 2021
 
Free Articles, Free Web Content, Reprint ArticlesRegisterAll CategoriesTop AuthorsSubmit Article (Article Submission)ContactSubscribe Free Articles, Free Web Content, Reprint Articles
 

SGX Nifty Indicates Positive Opening: Q2 GDP Data to Release Today - Marketsmith India

Market status: Confirmed Uptrend Distribution Day: Two Yesterday, Nifty opened on a slightly positive note. It quickly succumbed to selling pressure and turned negative to make an intraday low of 12...

Market status: Confirmed Uptrend

Distribution Day: Two

Yesterday, Nifty opened on a slightly positive note. It quickly succumbed to selling pressure and turned negative to make an intraday low of 12,790. Fresh buying was seen post noon as Nifty rallied more than 200 points from the day's low. Yesterday’s session was highly volatile as the November month futures and options contracts expired. Further, market participants will keep an eye on Q2 GDP data, which will be released today.

On the sectoral front, all the sectoral indices closed in the green. Nifty Metal (+3.9%) advanced the most, followed by PSU Bank (+1.9%) and Fin Services (+1.6%). Market breadth was in favour of advancers. Of 2,215 stocks traded, 1,261 advanced, 588 declined, and the rest remained unchanged.

We are in a Confirmed Uptrend but need to be prudent and cautious while adding fresh positions, as Nifty is currently trading ~20% above its 200-DMA, which is rare. We might expect some pullback in the market. However, a small pullback/consolidation 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. We will look for leadership among some good stocks to push the market up. On the flip side, tracking distribution days is crucial. An accumulation of distribution days can halt the uptrend.

Key News

Yesterday, the FIIs bought Rs 2,027.3 crore, while the DIIs sold Rs 3,400 crore.

Tube Investments Of India Ltd acquired a controlling interest in CG Power and Industrial Solutions via an allotment of equity shares and warrants.

Au Small Finance Bank made a strategic investment of Rs 7.70 crore to acquire about 0.44% stake in NPCI.

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, 72%; Rally Attempt, 8%; Uptrend Under Pressure, 20%; Downtrend, 0%.

For the 24 developed markets tracked by our institutional research team, the market status breakdown is as follows: Confirmed Uptrend, 88%; Rally Attempt, 0%; Uptrend Under Pressure, 12%; Downtrend, 0%.

Visit Marketsmith India to Read More About Indian Share Market News, Daily Market TipsFeature Articles, Model Portfolio etc.

Source: Free Articles from ArticlesFactory.com

ABOUT THE AUTHOR


Marketsmith India, One stop solution for all your Stock Market needs. Get stock market ideas and stock predictions all at one place. A proprietary tool by William O'Neil India following the CANSLIM method of investing.



Health
Business
Finance
Travel
Technology
Home Repair
Computers
Marketing
Autos
Education
Entertainment
Family
Law
Communication
Other
ECommerce
Sports
Home Business
Internet
Self Help
Partners


Page loaded in 0.137 seconds