SGX Nifty Indicates Positive Opening; VST Tillers Entered Into Agreement with ETG | Marketsmith India

Market Pulse: Confirmed Uptrend Distribution Day Count: Nifty50: One Nifty Midcap100: Three Nifty Smallcap100: Four Global stock markets: Nikkei, +0.8%; Kospi, -0.6%; Shanghai Composite, +0.5%. Yesterday, Nifty started the session on a record high and quickly made a new all-time high of 17,429. The reply by Dalal Street to pessimists is similar to the fight back of Indian Cricket Team. In the market, one weak session and a sharp correction becomes talk of the town. Similarly, one weak day of the test match and few viewers raised concerns about weakness in the team. But in the end both won. Nifty is scaling new highs and the Indian cricket team leads the series 2–1. Yesterday, there was a mixed reaction on the sectoral front. Nifty Realty (+3.2%), IT (+1.5%), and Media (+1.3%) were the top gainers for the day. Nifty Pvt Bank (-0.5%) was the top decliner. FIIs were net sellers at Rs 589 crore while DIIs were net buyers at Rs 550 crore. Two distribution days expired last week, reducing the count to one. Further, Nifty is now trading near its all-time high and is placed 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 Nuvoco Vistas Corporation’s PAT grew to Rs 114.28 crore in Q1 FY22 as against Rs 37.52 crore in Q1 FY21. Revenue fell to Rs 2,202.97 crore from Rs 2,631.61 crore in Q1 FY22. Click here for Nuvoco’s Investor Presentation. Vst Tillers Tractors has entered into an agreement with Export Trading Group (ETG) to distribute its tractors, power tillers, power reapers, and diesel engines in the Southern African markets. Visit MarketSmith India to Read More About Indian Share Market News, Daily Market Tips, Model Portfolio etc.