Nifty Ends Volatile Session in the Green; Realty and Metal Stocks Lead Gains


Market Pulse Confirmed Uptrend Distribution Day Count: Two Nifty opened on a flat-to-positive note today and quickly turned negative.
It moved in a narrow range in the first half of the session. In ...
Market Pulse Confirmed Uptrend Distribution Day Count: Two Nifty opened on a flat-to-positive note today and quickly turned negative. It moved in a narrow range in the first half of the session.
In the second half, it was highly volatile, selling pressure was followed by buying, which helped Nifty close in the green. 72% of the Nifty50 stocks advanced today, led by Gail (India) (Nse) (+5.0%) and Oil & Natural Gas (+4.1%).
Barring financial-related sectoral indices, all the indices closed in the green. Nifty Realty (+2.9%) and Metal (+2.6%) were the major advancers.
Market breadth was inclined toward advancers. Out of 2,224 stocks traded, 1,093 stocks advanced, 749 declined, and the remaining stocks unchanged.
Though we are in a Confirmed Uptrend, we need to be prudent and cautious while adding fresh positions, as Nifty is currently trading ~22% above its 200-DMA, which is rare. We 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.
Accumulation of distribution days can halt the uptrend. Key News Pfizer (Nse): Shares jumped 5% intraday after media reports emerged that the U.K.
has authorized the Pfizer-BioNTech COVID-19 vaccine for use. The stock closed 2.3% higher.
Ncc bagged four orders in November totaling Rs 3,905 crore. One order belongs to the water division worth Rs 848 crore, remaining three belong to the building division.
Burger King, the second largest burger brand globally, launched a Rs 810 crore IPO issue. The issue opened today and closes on Friday.
It is already subscribed 2.6 times. The retail portion is subscribed 13 times.
The price band is fixed at Rs 59-60 per share.   Check out MarketSmith India for more.
Source: Free Articles from ArticlesFactory.com 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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