Sgx Nifty Indicates Positive Opening; Tata Motors And Canara Bank To Announce Results Today

By Author: MarketSmith India
Total Articles: 49
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At 8:00 am IST, SGX Nifty Futures was trading at 15,118, compared with Nifty’s close of 14,923, yesterday.

Market Pulse: Confirmed Uptrend
Distribution Day Count: Three

Global stock markets: Dow30, -0.2%; S&P 500, -0.3%; Nasdaq, -0.4%; Kospi, +1.2%; Nikkei, +2.2%; Shanghai Composite, +0.1%

Nifty opened around 100 points higher yesterday, tracking global cues. The index continued to be in the green through the session and, in the process, reclaimed its 50-DMA. As volume was lower than the previous session, yesterday’s action didn’t qualify as an additional follow-through day. Of the Nifty50 stocks, 78% advanced led by Indusind Bank (Nse) (+7.5%) and State Bank Of India (+6.7%).

Barring Nifty Media (-0.5%) and Pharma (-0.2%), all the sectoral indices closed in the green. Financial related indices led the rally followed by Metal stocks. The advance-decline ratio was in favor of advancers. Of the 2,299 stocks traded, 1,333 advanced, 627 declined, and the rest remained unchanged.

On a technical perspective, Nifty retook its 50-DMA, which is a good ...
... sign. 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. Continue to trim or avoid ideas lagging and/or breaking down below major moving averages.

Key Results Today: Tata Motors, Canara Bank (Nse), Aarti Industries (Nse), Pi Industries, Torrent Pharmaceuticals, and others.

Key News:
Bharti Airtel reported its Q4 FY21 results. Revenue was down 2.9% q/q to Rs 25,747 crore. PAT declined 11.1% to Rs 759 crore.

Orient Cement reported its Q4 FY21 results. Revenue increased 27.1% y/y to Rs 831 crore. PAT surged 1.3x to Rs 99 crore.
Buy Watchlist: Ramkrishna Forgings, Hindustan Zinc (Nse), Pi Industries, Relaxo Footwears, Tata Power, Gujarat State Petronet, Apollo Hosps.Enterprise, Eris Lifesciences, Asian Paints, Wipro (Nse), Amrutanjan Health Care, Lux Industries, Rain Industries, and Apollo Tricoat Tubes

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SGX Nifty Indicates Positive Opening; Tata Motors and Canara Bank to Announce Results Today
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