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U.S. Markets Tumble; SGX Nifty Indicates Gap-Down OpeningYesterday, Nifty opened with moderate gains and traded in a narrow range (11,508–11,584) during the day to close flat. Volume was comparatively higher. One distribution day expired yesterday as ... Yesterday, Nifty opened with moderate gains and traded in a narrow range (11,508–11,584) during the day to close flat. Volume was comparatively higher. One distribution day expired yesterday as 25 trading days have passed and the day of liquidation has become irrelevant. In the broader market, Nifty Midcap and Nifty Smallcap closed 0.9% and 0.7% higher, respectively. On the sectoral front, there was mixed action. Nifty IT, Auto, FMCG, and Pharma were leading and closed 0.8–1.5% higher. On the flip side, Nifty Bank, Financial Services, and Metals were lagging and closed 0.5–1.5% lower. The market status was recently changed to an Uptrend Under Pressure. We will be slightly cautious while initiating fresh long positions. We will change the status to a Downtrend if two or three more distribution days are added or if Nifty breaches its 50- and 200-DMA. On the flip side, the status will be shifted back to a Confirmed Uptrend if Nifty retakes the 11,795 level (high made during the recent rally). Key News Guj.Ste.Fert.& Chems. resumed methanol plants with a daily installed capacity of 525MT. Jubilant Industries reported Q1 FY21 results yesterday. Revenue from operations was down 37.9% y/y to Rs 94.3 crore. It reported a loss of Rs 3.1 crore, compared with a profit of Rs 9.6 crore for the same quarter last year. Creditaccess Grameen Ltd got the board’s approval to raise Rs 1,000 crore via equity. 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, 54%; Rally Attempt, 8%; Uptrend Under Pressure, 30%; Downtrend, 8%. For the 24 developed markets tracked by our institutional research team, the market status breakdown is as follows: Confirmed Uptrend, 42%; Rally Attempt, 4%; Uptrend Under Pressure, 50%; Downtrend, 4%. Visit Marketsmith India to Read More About Indian Share Market News, Daily Market Tips Source: Free Articles from ArticlesFactory.com
ABOUT THE AUTHORMarketsmith 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 CANSLIM method of investing. 
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