Market Pulse: Uptrend Under Pressure
Distribution Days: 9
On June 3rd, the market status has been downgraded to Uptrend Under Pressure as the Nifty breached its 21-DMA and the distribution day count rose to nine.
The market status will shift to a Downtrend if the distribution day count increases further or if the Nifty fails to hold above the 24,000 level. Conversely, a move back to a Confirmed Uptrend will require the Nifty to reclaim 25,116 — its recent rally high.
Given the shift to Uptrend Under Pressure, we advise investors to proceed with caution. New additions to the portfolio should be avoided unless a stock demonstrates exceptional fundamental and technical strength.
Buy Watchlist
Maharashtra Scooters, Ptc Industries, Gabriel India, Bajaj Finserv, Manorama Industries, Bharat Electronics and view more.
Key News & Earnings Updates
Nhpc announces commercial operation of 3rd phase of Karnisar Solar Power Project in Bikaner.
Tata Electronics and Bharat Electronics have signed an MoU to collaborate on semiconductor and electronics solutions.
Afcons Infrastructure Ltd gets LoA worth ₹700 crore from Reliance Industries.
What do you think? Please email 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.