SGX Nifty Indicates Flat Opening; Bharat Forge and Jubilant Pharmova to Report Results Today

At 8:00 am IST, SGX Nifty Futures was trading at 15,689, compared with Nifty’s close of 15,690 yesterday. rnMarket Pulse: Confirmed UptrendrnDistribution Day Count: Threern rnGlobal stock markets: Dow30, -0.1%; S&P 500, -0.4%; Nasdaq, -1%; Kospi, -0.5%; Nikkei, -0.5%; Shanghai Composite, -0.01% rnNifty opened 80 points higher in yesterday’s session on strong global cues. It consolidated its gains in the first half and witnessed further buying interest in the second half, closing near the day’s high and holding a decent gain. However, volume remained on the lower side, which is a red flag. The broader market indices outperformed the major index. Nifty Midcap gained 0.9% and Smallcap advanced 1.2%. Barring Nifty Pharma, all sectors closed in the green. Nifty Realty (+3.8%) was the top gainer for the day, followed by Nifty Media and Nifty Fin Service, which advanced 1.6% and 1.0%, respectively. Similarly, Nifty Bank, FMCG, Metal, and PVT Bank closed 0.5–0.9% higher. rnNifty continues to make fresh highs and is currently trading 3.8% and 5.8% above its 21- and 50-DMA, respectively. We would like the index to hold its 21-DMA and/or 50-DMA and trade above that. Without trying to predict and decode stories, we will take what the market gives and continue to monitor unfolding conditions. If the index falls further, adds a distribution day, and breaches its key moving averages, we may change the market status to an Uptrend Under Pressure. Focus on quality ideas emerging out of sound bases with RS line at or near new highs while reducing exposure to stocks breaking below key support levels. rnKey Results Today: Iol Chemicals & Pharms , Bharat Forge, Jubilant Pharmova, and others. rnKey News: rnApl Apollo Tubes reported its Q4 FY21 results. Revenue was up 37% y/y to Rs 2,587 crore. PAT surged 121% y/y to Rs 134 crore. EBITDA grew 72% y/y to Rs 206 crore. rnGujarat State Petronet reported its Q4 FY21 results. Revenue declined 22% y/y to Rs 465 crore. PAT moderated 9% y/y to Rs 206 crore. EBITDA was down 3% y/y to Rs 399 crore. rnDr. Reddy's Laboratories made a strategic partnership with Snowman Logistics to deliver Sputnik-V across the country.rnBuy Watchlist: Nippon Life India Asset Management , Bhansali Engr. (Nse), Bajaj Finance, Sbi Cards And Payment Services, Ion Exchange India, Page Industries,Action Construction Equ., State Bank Of India, Ambuja Cements, Eveready Inds.(India), Varun Beverages, Colgate-Palmolive India, Sharda Cropchem, Astral, Berger Paints India, Icici Bank, Ramkrishna Forgings, Gujarat State Petronet, Apollo Hosps.Enterprise, and Apollo Tricoat Tubes Sell Watchlist: Advanced Enzyme Techs. Recent Articles: Break the Stereotype; Buy High, Sell Higher For more details please visit: SGX Nifty Indicates Flat Opening; Bharat Forge and Jubilant Pharmova to Report Results Today Stock Market Research Market Smith India William O’Neil India