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SGX Nifty Indicates Flat Opening; Hero MotoCorp to Hike Prices | Marketsmith India

Topic: Financial FreedomPublished September 17, 2021

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Market Pulse: Confirmed Uptrend Distribution Day Count: Nifty50: One Nifty Midcap100: Three Nifty Smallcap100: Two Global stock markets: Dow 30, -0.2%; Nasdaq, +0.1%; S&P 500, -0.2%; Nikkei, +0.5%; Kospi, -0.1%; Shanghai Composite, -0.1%. Yesterday, Nifty briefly turned negative in the opening hour after starting on a mildly positive note. However, strong buying was seen at the lower levels, and the index made a fresh all-time high of 17,644. Of the Nifty50 stocks, 52% advanced, led by Indusind Bank (Nse) (+7.3%) and Itc (+6.8%). It was a mixed reaction on the sectoral front. Financial-related indices led the rally, followed by FMCG and Auto. On the flip side, Media, IT, Metal, and Pharma indices closed lower. The advance-decline ratio was in favor of decliners. Of 2,017 stocks traded, 929 stocks advanced, 1,008 stocks declined, and the remaining closed flat. The distribution day count currently stands at one. Further, Nifty is now trading near its all-time high, above all its key moving averages. We would like the index to continue this trend. After such a sudden rally, one must also be prepared for some mild profit booking. In the process, if the index adds a couple of distribution days, stages a reversal, or breaches its key moving averages, we may change the market status to an Uptrend Under Pressure. Reducing exposure to stocks breaking below their 21- or 50-DMA on higher volume is important. Key News Infosys Frost Bank selected Infosys as a strategic partner to launch a new mortgage loan product offering. Hero Motocorp to increase the ex-showroom prices of its motorcycles and scooters from September 20. The price increase is to offset the steadily increasing commodity prices. Buy Watchlist: Mastek (Nse), Orient Electric, Reliance Industries, Bhansali Engr. (Nse), I G Petrochemicals, Birlasoft, Relaxo Footwears, Aarti Industries (Nse), Kalyani Steels, State Bank Of India, Colgate-Palmolive India, Berger Paints India, Icici Bank, Ratnamani Metals & Tubes. Visit MarketSmith India to Read More About Indian Share Market News, Daily Market Tips, Model Portfolio etc.

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