Market Pulse:

Global stock markets: Dow 30, +0.7%; Nasdaq, +1.2%; S&P 500, +0.9%; Nikkei, +0.2%; Kospi, +0.1%; Shanghai Composite, +0.3%.

Nifty advanced on all five occasions and made a new all-time high twice during the last week. Friday, after a flat opening, Nifty was down around 80 points and made the day’s low of 16,565 within the first 20 minutes. The index later found good buying support, marking a fresh all-time high of 16,722. During the week, the broader market indices outperformed the general market. Midcap and smallcap were up 2.1% and 1.9%, respectively. Barring Nifty Auto (-1.1%) and Media (-0.7%), all sectoral indices closed higher for the week. Nifty Energy (+3.1%) was the top gainer. Nifty Metal, Financial, and IT closed 2.2–3.0% higher.

One distribution day expired last week, reducing the count to three. Nifty is now trading near its all-time high. 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

Tinplate Co.Of India approved an expansion plan of investing to increase capacity by 3,00,000 tonnes per annum at Jamshedpur.

Tata Steel will invest Rs 8,000 crore toward capex on its India operations in FY22. The amount will be mostly toward the expansion of the Kalinganagar plant and expansion of mining operations and recycling business.

Dalmia Bharat signed three MoUs with the Jharkhand government to invest Rs 758 crore in the state.

Buy Watchlist: Bhansali Engr. (Nse), Dalmia Bharat, Action Construction Equ., Birlasoft, Relaxo Footwears, Aarti Industries (Nse), Cera Sanitaryware, Century Plyboards (India), Kalyani Steels, State Bank Of India, Colgate-Palmolive India, Sharda Cropchem, Berger Paints India, Icici Bank, Ratnamani Metals & Tubes, Minda Industries,Jk Cement, Pnc Infratech, L&T Technology Services, Hcl Technologies (Nse).

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Author's Bio: 

Marketsmith India, One stop solution for all your Stock Market needs. Get stock market ideas and stock predictions all at one place. A proprietary tool by William O'Neil India following the CANSLIM method of investing.