At 8:00 am IST, SGX Nifty Futures was trading at 15,794, compared with Nifty’s close of 15,737, yesterday.

Market Pulse: Confirmed Uptrend

Distribution Day Count: Two

Global stock markets: Dow30, +0.1%; S&P 500, +0.5%; Nasdaq, +0.8%; Kospi, +0.4%; Nikkei, -0.1 %

Yesterday, Nifty opened the session over 50 points higher and stayed in positive territory throughout the session with little intraday swings. Being a weekly expiry, volatility was on the lower side versus a normal expiry session. Volume was lower than in the previous session. Starting May 28, volume has been below the 50-day average. Barring Nifty Auto (-0.1%), all sectoral indices closed in the green. Nifty Media (+4.6%) advanced the most, followed by Realty (+3.3%) and financial-related sectors. FIIs were net buyers at Rs 1,329 crore, while DIIs were net sellers at Rs 575 crore.

On Wednesday, Nifty registered a distribution day for the first time since May 11. 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.

Key News:

Beml, Bharat Heavy Electricals Ltd, Dlf (Nse), Sun TV Network (Nse), and others will report Q4 FY21 results today.

Nhpc will raise debt up to Rs 4,300 crore through issuance of corporate bonds and term loans. Q4 FY21 revenue was down 12% y/y to Rs 2,091 crore. PAT grew Rs 171% to Rs 427 crore.

The U.S. May inflation came higher than expected. Core CPI rose 0.7% m/m, above estimates of 0.5%.
Buy Watchlist: Nippon Life India Asset Management, Bajaj Finance, Sbi Cards And Payment Services, Page Industries, State Bank Of India, Ambuja Cements, Eveready Inds.(India), Varun Beverages, Colgate-Palmolive India, Sharda Cropchem, Berger Paints India, Icici Bank, Cholamandalam Inv.& Fin., Tata Power, and Apollo Hosps.Enterprise.

Sell Watchlist: Advanced Enzyme Techs.

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SGX Nifty Indicates Positive Opening; BHEL and DLF to Report Results Today
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