Hindustan Copper and Vodafone Idea to Report Q1 FY25 Results Today

BENGALURU, India - Aug. 12, 2024 - PRLog -- Global Stock Markets: Dow 30, +0.13%; S&P500, +0.47%; NASDAQ, +0.51%; Kospi, +1.01%; Shanghai, +0.12%.

Last week, Nifty closed lower for the second consecutive week. The index started the week on a volatile note following global cues. On Monday, it closed 2.7% lower but found support at its 50-DMA. On Tuesday, it attempted to trend higher but formed a bearish reversal candle. In the following two sessions, Nifty attempted to move higher but faced resistance near its 21-DMA. Friday, the index gapped up, managed to sustain its gains, and closed 1% higher. Currently, it is trading below its 21-DMA.

Barring Nifty Pharma (+1.4%), FMCG (+0.7%), and Media (+0.1%), all sectoral indices closed lower. The top losers for the week were Nifty PSU Bank (-2.8%) and Nifty Energy (-2.6%).

In June, Nifty crossed its previous high (23,339) and made an all-time high. Hence, we upgraded the market status to a Confirmed Uptrend. Midcap and Smallcap indices are also trading near their new highs. Overall, the market breadth has improved. Leading stocks across many sectors are making good progress. The current distribution day count stands at two as one was added during the week. We may downgrade the status to an Uptrend Under Pressure if the distribution day count increases and Nifty breaches its key support level.

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