SGX Nifty Indicates Positive Opening; IGL, Apollo Hospital to Report Today
Yesterday, Nifty opened to strong gains on vaccine news. It kept the momentum intact throughout the day and made higher highs and higher lows in the hourly chart to close above 12,600, holding solid g... Yesterday, Nifty opened to strong gains on vaccine news. It kept the momentum intact throughout the day and made higher highs and higher lows in the hourly chart to close above 12,600, holding solid gains. Volume was significantly higher than the previous day. Nifty is currently trading 6.0% and 8.7% above its 21- and 50-DMA, respectively. In the broader market, both Midcap and Smallcap failed to catch up with Nifty50 again. Midcap closed 0.3% higher, while Smallcap was down 0.1%. On the sectoral front, barring Nifty Pharma (-4.3%) and Nifty IT (-3.9%), all other sectors closed in the green. Financial stocks continued to rally ahead and advanced the most for the day. Nifty Bank, Financial Service, PSU Bank, and Pvt Bank advanced in the range of 3.5–4.1%. Market breadth remained in favor of decliners. FIIs were in a continuous buying spree. FIIs’ net buying was Rs 5,627 crore, while DIIs’ net selling was Rs 2,309 crore. Currently, we are in a Confirmed Uptrend and are open to adding new positions coming out of proper base formation. 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 Bata India reported Q2 FY21 results. Revenue came in ahead of estimates. It reported a loss of Rs 44 crore compared with a profit of Rs 71 crore in Q2 FY20. Margin contracted 2,060bps to 4.9%. HIL Limited reported Q2 FY21 results. Its roofing business revenue grew 27% y/y. The flooring business revenue grew 11% y/y. The company repaid Rs 170 crore of debt in H1 FY20. Tata Power reported Q2 FY21 results. PAT was up 9.6% y/y to Rs 371 crore, while revenue up 8% y/y at Rs 8,289 crore. EBITDA came in at 11.3% at Rs 2,001 crore. EBITDA margin came in at 24.1% compared with 29.4% y/y. 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, 65%; Rally Attempt, 5%; Uptrend Under Pressure, 25%; Downtrend, 5%. For the 24 developed markets tracked by our institutional research team, the market status breakdown is as follows: Confirmed Uptrend, 75%; Rally Attempt, 0%; Uptrend Under Pressure, 25%; Downtrend, 0%. Buy watchlist: Cholamandalam Inv.& Fin., Dixon Technologies (India), Polyplex, Balaji Amines Limited, Alkyl Amines Chemicals, Subros, Berger Paints India, Polycab India, Voltas (Nse), Divis Laboratories (Nse) Vinati Organics, Ratnamani Metals & Tubes, Balrampur Chini Mls(Nse), Coromandel International, Tata Consumer Products, HIL Limited, and Whirlpool Of India (Nse) Check out MarketSmith India for more. Source: Free Articles from ArticlesFactory.com One stop solution for all your Stock Market needs. Get stock market tips and stock predictions all at one place. A proprietary tool by William O'Neil India following CANSLIM method of investing..
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Why its Important to Manage Your Holiday Calendars?
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We know the importance of getting our dogs groomed. But not all of us can actually afford the grooming of our dogs luxury pet centre. We know the importance of getting our dogs groomed. But not all of us can actually afford the grooming of our dogs luxury pet centre....
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Things You Need to Consider Before Adopting a Dog
The loyal nature of dogs makes them the perfect pets, whether you have a family or not. However, most of the time, people rush into adopting pets only to end up being overwhelmed with the responsibilities, which are physical, emotional, and psychological. If you have been considering adopting a pooch,...
