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IT and auto stocks take the wheel, NIFTY50 maintains course

Upstox
By Upstox News Desk

2 min read | Updated on February 27, 2024, 17:54 IST

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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.

Stock list

TVSMOTOR
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MCX
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NMDC
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business-2553884_1280.jpg

Markets continued to trade in a narrow range and ended with marginally higher.

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.

  • Supporting sectors: IT (+0.7%), Auto (+0.7%) and Pharma (+0.5%) advanced the most and pushed the index higher.

  • 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.

Image1127feb.webp

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

IMage2227feb.webp

Top traded stock options contracts

Image3327feb.webp

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!

About The Author

Upstox
Upstox News Desk is a team of journalists who passionately cover stock markets, economy, commodities, latest business trends, and personal finance.

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