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Nifty Advances Around 500 Points During Week; RBI Announces Monetary Policy

Topic: Stock TradingPublished October 9, 2020
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Nifty advanced higher in all five trading sessions and gained about 500 points during the week. Today, markets reacted positively to the outcome of RBI’s MPC meeting, especially financial related stocks. In Nifty50, four out of the top five gainers were banking stocks, led by Icici Bank (+3.6%) and Axis Bank (+3.6%). 48% of the Nifty50 stocks advanced today. It was a mixed reaction on the sectoral front. Nifty IT (+8.6%) and Pvt Bank (+7.4%) were the top performers. On the flip side, Nifty Media (-2.3%) and Energy (-1.4%) were the top decliners. Today, the advance-decline ratio was skewed toward decliners. Of 2,216 stocks traded, 875 advanced, 966 declined, and the rest remained unchanged. 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. Visit Marketsmith India to Read More About Indian Share Market News, Daily Market Tips, Model Portfolio etc. follow-through dayConfirmed UptrendDowntrendMarketsmith India

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