Global stock markets: Dow 30, +0.4%; S&P, +0.8%; Nasdaq, +0.4%; Nikkei, -0.1%; Hang Seng, +0.1%
Yesterday, Nifty had yet another gap-up opening to continue its positive momentum. After opening around 100 points higher, it made an intraday high of 11,905. It was a calm trading session with a clear uptrend in the morning session, but sharp selling was seen in the last 90 minutes. Nifty IT (+3.2%) advanced the most, followed by Nifty Pharma (+2.5%) and Bank (+1.0%). Nifty is trading 4.3% and 10.2% above its 50-and 200-DMA, respectively. FIIs’ net buying was Rs 978 crore, while DIIs’ net buying was Rs 20 crore.
Looking forward, we would prefer to see a follow-through day before shifting the market to a Confirmed Uptrend. (A follow-through day is a solid up session, generally a 1.5% or higher gain, with volume being higher than the previous day). Should this occur, the focus will be on ideas that show the best relative strength with good accumulation. Stocks that recover the quickest tend to lead the next run. On the flip side, if Nifty breaches its recent low of 10,790, the market will be moved back to a Downtrend.
Key News
Infosys has signed a pact to acquire Blue Acorn iCi, a digital customer experience, commerce, and analytics services provider, for up to $125M (~Rs 920 crore).
-The monetary policy committee (MPC) of the RBI will announce its decision today.
-According to the Finance Ministry, banks have sanctioned loans of about Rs 1,87,579 crore to 50.7 lakh business units under the Rs 3 lakh crore Emergency Credit Line Guarantee Scheme (ECLGS) for the MSME sector impacted by the slowdown caused by the pandemic.
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, 15%; Rally Attempt, 10%; Uptrend Under Pressure, 50%; Downtrend, 25%.
For the 24 developed markets tracked by our institutional research team, the market status breakdown is as follows: Confirmed Uptrend, 20%; Rally Attempt, 5%; Uptrend Under Pressure, 65%; Downtrend, 10%.
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