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

At 8:00 am IST, SGX Nifty Futures was trading at 15,118, compared with Nifty’s close of 14,923, yesterday. rnMarket Pulse: Confirmed UptrendrnDistribution Day Count: Threern rnGlobal stock markets: Dow30, -0.2%; S&P 500, -0.3%; Nasdaq, -0.4%; Kospi, +1.2%; Nikkei, +2.2%; Shanghai Composite, +0.1% rnNifty 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%). rnBarring 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. rnOn 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. rnKey Results Today: Tata Motors, Canara Bank (Nse), Aarti Industries (Nse), Pi Industries, Torrent Pharmaceuticals, and others. rnKey News:rnBharti 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. rnOrient Cement reported its Q4 FY21 results. Revenue increased 27.1% y/y to Rs 831 crore. PAT surged 1.3x to Rs 99 crore.rnBuy 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 Related Articles: Balkrishna Industries Reaches its 52-week High On Higher Volume. Solara Active Marching North As it Breaks out of a 11-week Cup Pattern. Phillips Carbon Forming a 6 Week Cup With Handle Pattern. For more details Please visit: SGX Nifty Indicates Positive Opening; Tata Motors and Canara Bank to Announce Results TodayStock Market Research https://marketsmithindia.comrn