GIFT Nifty Indicates Positive Opening; Reliance and HCL Technologies to Report Q2 FY25 Results

BANGALORE, India - Oct. 14, 2024 - PRLog -- Nifty traded in a narrow range last week, hovering around its 50-DMA. The benchmark index was down more than 1% on Monday. However, it escaped distribution due to lower volume. It pared some of its losses on Tuesday, followed by two sessions of muted action. On Friday, the index started on a flattish note and traded around 25,000.

On the sectoral front, it was a mixed bag. Nifty Pharma (+2.11%) and Auto (+1.97%) were the major advancers. On the flip side, Nifty Metal (-1.78%) and PSU Bank (-1.62%) were the major decliners.

We downgraded the market status to an Uptrend Under Pressure as Nifty breached its 21-DMA. The current distribution day count is three, as one distribution day expired last week. Also, one distribution day is expiring this week. In the global and broader markets, there has been selling pressure. We will change the status to a Downtrend if the distribution day count increases or Nifty fails to rebound and breaches another crucial support (100-DMA). On the flip side, the market status will be changed to a Confirmed Uptrend if Nifty retakes 26,277 (its recent rally high).

To continue reading, Subscribe here (https://marketsmithindia.com/mstool/landing.jsp#/signup)

What do you think? Please email (mailto:marketsmithindia@williamoneilindia.com?Subject=GIF...) us any questions or comments.

Disclaimer: Information contained herein is not and should not be construed as an offer, solicitation, or recommendation to buy or sell securities. It is for educational purposes only.