IT and auto stocks take the wheel, NIFTY50 maintains course
Upstox
2 min read • Updated: February 27, 2024, 5:54 PM
Summary
On the daily chart, the NIFTY50 formed a green candle and traded above yesterday's low, indicating positive momentum. However, as we advised our readers in the morning trade setup blog, the index is currently in a sideways trend and is looking for a catalyst to break out of the range. Currently 22,300 is acting as resistance and support is visible at 21,900.
Amid mixed global cues, markets continued to trade in a narrow range and ended the volatile session marginally higher. The NIFTY50 gained 0.3% to close at 22,198 while the SENSEX gained 0.4% to close at 73,095.
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Supporting sectors: IT (+0.7%), Auto (+0.7%) and Pharma (+0.5%) advanced the most and pushed the index higher.
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Selling pressure: Oil & Gas (-0.7%) and PSU Bank (-0.5%) sectors witnessed selling pressure and were the top laggards.
On the daily chart, the NIFTY50 formed a green candle and traded above yesterday's low, indicating positive momentum. However, as we advised our readers in the morning trade setup blog, the index is currently in a sideways trend and is looking for a catalyst to break out of the range. Currently 22,300 is acting as resistance and support is visible at 21,900.
Key highlights of the day:
🏍️Shares of TVS Motor were in focus after the company’s subsidiary raised stake to 49% in German electric motor company Killwatt.
⭐MCX gained over 1% after the commodity exchange signed a contract of collaboration with Jakarta’s Futures exchange.
🪨NMDC slipped 4% after trading ex-dividend today. The company recently announced interim dividend of ₹5.7.
Top traded Futures contracts
Top traded stock options contracts
6 trading insights from NIFTY 200🔍
📉Open = High (Bear power): Devyani International, UBL, Adani Power and Polycab.
📈Open = Low (Bull power): TCS, Power Grid, Info-Edge and Mankind Pharma.
🏗️Top five fresh 52 week-high: ICICI Lombard, Sona Blw Precision, PB Fintech, Havells and Tata Motors.
⚠️Fresh 52 week-low: N/A.
⬆️Gap-up open: Havells.
⬇️Gap-down open: NMDC.
And that's it for today's F&O recap! Get the full scoop on market trends and curated scans at https://pro.upstox.com/
See you tomorrow!