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  5. Market highlights| NIFTY50 breaks below 50-day moving average, closes below two week low

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Market highlights| NIFTY50 breaks below 50-day moving average, closes below two week low

Upstox
By Upstox News Desk

3 min read | Updated on October 04, 2024, 19:34 IST

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SUMMARY

The options data for the NIFTY50’s 10 October expiry has significant call base at 26,000 strike. This indicates that the index may face resistance around this level during upcoming sessions.

Stock list

BAJFINANCE
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M&MFIN
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BANKBARODA
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OIL
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ONGC
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NIFTY50 breaks below 50-day moving average, closes below two week low

NIFTY50 breaks below 50-day moving average, closes below two week low

Markets extended their downtrend and ended the day in the red for the fifth day in a row. The NIFTY50 index, on the back of geopolitical tensions, rising crude oil prices and selling by foreign investors, slipped below its key 50-day moving average and closed near the day's low.

Except for PSU Banks (+0.5%) and IT (+0.3%) all, the major sectoral indices ended the day in red and witnessed profit-booking.

The technical structure of the NIFTY50 has turned bearish, as it dropped below key support levels on the daily chart, forming a large bearish candlestick. The index ended the week below two-week low, signalling further downside potential.

Experts warn that the ongoing tensions between Israel and Iran and rising crude oil prices could increase market volatility. The next critical support zone lies between 24,700 and 24,800, while 25,600 will act as a resistance level in the coming sessions.

  • Top gainer and loser in NIFTY50: Infosys (+1.5%) and Mahindra & Mahindra (-3.5%)

  • Top gainer and loser in NIFTY Midcap 100: Oil India (+5.0%) and Mahindra and Mahindra Financial Services (-6.5%)

  • Top gainer and loser in NIFTY Smallcap 100: 360 One Wam (+4.9%) and Chambal Fertilisers (-5.9%)

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Key highlights of the day

💰Bajaj Finance shares fell 3% after the company reported its weakest asset under management (AUM) growth in six quarters in Q2 FY24. AUM growth stood at 26%, raising concerns about the company's near-term performance.
💸Mahindra & Mahindra Financial Services fell over 6% after the company released its Q2 FY25 business update, reporting a 1% year-on-year decline in total disbursements to ₹13,160 crore. Despite this, disbursements for the first half of FY25 showed a modest growth of 2% to ₹25,900 crore.
🏦Bank of Baroda (+2.2%) reported a 12.5% YoY increase in domestic lending for Q2 FY25, reaching ₹11.43 lakh crore. Deposits also grew by more than 9%, totaling ₹13.63 lakh crore. The bank's retail lending showed strong growth, rising 20% YoY to 2.3 lakh crore in the September quarter.
🛢️Oil exploration companies such as Oil India (+5.0%) and ONGC (+1.1%) were in focus as crude oil prices rose sharply. The rise in oil prices, fuelled by geopolitical tensions in the Middle East, benefited these companies as higher crude prices typically boost their earnings.

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): Godrej Properties, Avenue Supermarts (DMART), Tube Investments of India, Colgate Palmolive and Ashok Leyland

📈Open=Low (Bull power): Tech Mahindra, Wipro and Titan

🏗️Fresh 52 week-high: Dr Lal Pathlabs, Info-Edge (Naukri) and JSW Steel

⚠️Fresh 52-week-low: Vodafone-Idea

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 on Monday!

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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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