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SGX Nifty Indicates Negative Opening; SBI, Lupin, and Pidilite Industries to Report Today

Yesterday, Nifty gapped up 65 points, taking cues from the global markets.
After that, it traded in a narrow range and closed near the day’s high, holding solid gains. Volume was higher compared...
Yesterday, Nifty gapped up 65 points, taking cues from the global markets. After that, it traded in a narrow range and closed near the day’s high, holding solid gains.
Volume was higher compared with the last session. Nifty regained 21-DMA intraday but closed 0.05% below it.
It is crucial for the index to decisively reclaim its 21-DMA and trade above that. On the sectoral front, barring Nifty Realty and Nifty Media, all other sectors closed in the green. Nifty Bank, Nifty Fin Service, and Nifty Pvt Bank continued to close higher in the range of 3.1–3.2%.
Similarly, Nifty Metal, Pharma, and Auto closed higher in the range of 1.5–2.5%. Of 2,213 stocks traded, 995 advanced, 831 declined, and the rest remained unchanged.
Looking forward, we would like Nifty to reclaim its 21-DMA. If it fails to reclaim the 21-DMA, 50-DMA can act as strong support.
We will continue to monitor general conditions and the behaviour of leading stocks, looking for evidence that a real move is commencing. During this time, one should look for stocks with quality fundamentals, RS line trending higher, and breaking out from consolidation areas.
Key News State Bank Of India, Lupin (Nse), Pidilite Industries(Nse), Adani Enterprises (Nse), and Balrampur Chini Mls(Nse) will report their Q2 FY21 results today. PVR reported Q2 FY21 results yesterday after market hours.
Revenue from operations came in at Rs 40.4 crore compared with Rs 973.2 crore in the corresponding quarter last year. It reported a loss of Rs 184.1 crore compared with a profit of Rs 47.7 crore in Q2 FY21.
Adani Gas reported Q2 FY21 results yesterday after market hours. Revenue dropped 12.3% y/y to Rs 441 crore.
PAT increased by 13.3% to Rs 136 crore. 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, 4%; Rally Attempt, 8%; Uptrend Under Pressure, 72%; Downtrend, 16%.
For the 24 developed markets tracked by our institutional research team, the market status breakdown is as follows: Confirmed Uptrend, 4%; Rally Attempt, 34%; Uptrend Under Pressure, 50%; Downtrend, 12%. Visit Marketsmith India to Read More About Indian Share Market News, Daily Market Tips, Model Portfolio etc.
Source: Free Articles from ArticlesFactory.com 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..

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