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  5. Market highlights| NIFTY50 breaks 26,000 barrier, retreats after profit-booking; check details

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Market highlights| NIFTY50 breaks 26,000 barrier, retreats after profit-booking; check details

Upstox
By Upstox News Desk

3 min read | Updated on September 24, 2024, 18:34 IST

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SUMMARY

Options data for the monthly expiry of the NIFTY50 showed significant open interest at the 26,000 call and 25,900 strike, suggesting consolidation within a narrow range. Traders looking to implement directional strategies can keep a close eye on these levels, as a break above or below them on a closing basis could signal the market's next direction.

Stock list

VEDL
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LT
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IEX
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NIFTY50 breaks 26,000 barrier, retreats after profit-booking

NIFTY50 breaks 26,000 barrier, retreats after profit-booking

Markets hit a fresh all-time high and traded in a narrow range, ending the Tuesday’s session flat amid volatility. The NIFTY50 index crossed 26,000 mark towards the fag-end of the session but failed to sustain the phsyhcologically crucial level on closing basis.

Sectorally, Metals (+2.9%) and Energy (+0.7%) advanced the most, while PSU Banks (-0.8%) and FMCG (-0.7%) were the top losers.

On the daily chart, the NIFTY50 has formed a doji candlestick pattern, signaling a potential pause in the current trend. After gaining over 2% in the last three sessions, some consolidation around the current levels is likely before the next leg of the rally. Traders should closely monitor the high and low of the doji on a closing basis, as a break above or below these levels could provide further direction for the market.

  • Top gainer and loser in NIFTY50: Tata Steel (+4.3%) and SBI Life (-2.7%)

  • Top gainer and loser in NIFTY Midcap 100: One 97 Communications (+4.0%) and Policy Baazar (-4.1%)

  • Top gainer and loser in NIFTY Smallcap 100: National Aluminum (+6.6%) and Amber Enterprises (-5.0%)

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Key highlights of the day

🛠️Metal stocks gained attention after China's central bank announced new monetary stimulus measures to boost economic growth. The plans include lowering the reserve requirement ratio for banks, reducing the policy interest rate, and cutting rates on existing mortgages to stimulate the economy. Against this backdrop, shares of Vedanta, Hindalco and National Aluminium advancing in the range of 4% to 6%.
🏗️Larsen & Toubro (L&T) was in focus after the company's Power Transmission & Distribution (PT&D) business won orders in the range of ₹10,000 to ₹15,000 crire in Saudi Arabia and the UAE.
🏦Punjab National Bank slipped 3% after the bank launched a Qualified Institutional Placement (QIP) at a discounted price of ₹109 per share from Monday’s closing price.
🔥Indian Energy Exchange (-11%) fell on reports that the government may introduce market coupling. This process would unite several power exchanges to create a single price for electricity trading. The move is expected to improve efficiency, but has raised concerns about its potential impact on IEX's market share.

Top traded futures contracts

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Top traded options contracts

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4 trading insights from NIFTY 200🔍

📉Open=High (Bear power): Policy Baazar, Bank of Maharashtra, Hindustan Unilever, Page Industries and Mazagon Dock Shipbuilders

📈Open=Low (Bull power): Escorts Kubota, Jindal Steel, ABB, Tata Chemicals, Bajaj-Auto and Mahindra & Mahindra

🏗️Fresh 52 week-high: Hindalco Industries, Mankind Pharma, Tata Power, Avenue Supermarts (DMART) and IPCA Laboratories

⚠️Fresh 52-week-low: N/A

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!

Uplearn

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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