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  5. Market highlights| NIFTY50 holds bullish trend as BANK NIFTY surges past 54,000

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Market highlights| NIFTY50 holds bullish trend as BANK NIFTY surges past 54,000

Upstox
By Upstox News Desk

2 min read | Updated on September 23, 2024, 18:09 IST

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SUMMARY

Options data for NIFTY50’s upcoming expiry revealed significant put additions at the 25,800 and 25,900 strikes, signaling strong immediate support levels. On the flip side, a notable call base at the 26,000 strike suggests resistance around this zone.

Stock list

BHEL
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GLENMARK
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IDEA
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NIFTY50 holds bullish trend as BANK NIFTY surges past 54,000

NIFTY50 holds bullish trend as BANK NIFTY surges past 54,000

Markets extended their bullish momentum for the third consecutive day, closing at record highs. The NIFTY50 index opened on a positive note and maintained its gains, forming a small green candle on the daily chart.

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Sector-wise, all the major indices except IT (-0.5%) closed in green with PSU Banks (+3.4%) and Realty (+2.2%) leading the gains.

Also Read: These six upcoming IPOs likely to have shareholders quota for retail investors

On the daily chart, the NIFTY50 index maintained its bullish momentum and closed above the previous day's high. The broader market structure remains positive, with immediate support at the 20-day moving average at 25,258 and strong support at the 50-day moving average at 24,838.

  • Top gainer and loser in NIFTY50: Bajaj-Auto (+3.6%) and Eicher Motors (-1.6%)

  • Top gainer and loser in NIFTY Midcap 100: Bank of Maharashtra (+8.1%) and Torrent Power (-2.2%)

  • Top gainer and loser in NIFTY Smallcap 100: Finolex Cables (+9.3%) and IIFL Finance (-3.4%)

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Key highlights of the day

⚡Bharat Heavy Electricals (BHEL) was in the news after winning a ₹6,100 crore contract from NTPC to build a 1,800 MW thermal power project in Chhattisgarh. The project is expected to be completed within 48 months.
📱Vodafone Idea jumped over 4% after the company signed ₹30,000 crore deals with Nokia, Ericsson, and Samsung. The move is aimed at strengthening its position in the competitive telecoms market, which includes 4G network expansion and 5G rollout over the next three years.
💊Glenmark Pharma rose 4% after the US FDA completed its Good Manufacturing Practice (GMP) inspection at its Aurangabad facility with no observations.

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): IRFC, Tata Technologies, Grasim Industries, HCL Technologies and Yes Bank

📈Open=Low (Bull power): Godrej Properties, Indian Bank, Bajaj-Auto, ABB and Steel Authority of India

🏗️Fresh 52 week-high: Kalyan Jewellers India, Aditya Birla Fashion and Retail, Mankind Pharma and United Spirits

⚠️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!

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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