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  5. Market highlights | NIFTY50 index closes below September month low, surrenders 100 DMA

Market News

Market highlights | NIFTY50 index closes below September month low, surrenders 100 DMA

Upstox
By Upstox News Desk

2 min read | Updated on October 22, 2024, 19:01 IST

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SUMMARY

NIFTY50 index broke out of its 10-day consolidation, closing below the crucial 24,700 level, which marked September's key swing low. Additionally, it surrendered the 100-day moving average, signalling potential weakness and further downside risk ahead.

Stock list

AMBUJACEM
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NIFTY50 index closes below September month low, surrenders 100 DMA

NIFTY50 index closes below September month low, surrenders 100 DMA

Markets extended the losing streak and declined nearly 2% from the day’s high amid broad based sell-off across sectors. The NIFTY50 index closed below the crucial swing low of 24,700, indicaiting weakness in the upcoming sessions.

It was a see of red across sectors with all the major sectoral indices ending the day in the red. PSU Banks (-4.1%) and Metals (-3.0%) declined the most.

On the daily chart, the NIFTY50 index closed below the crucial swing low of 24,700, which also coincides with the low of September month. Additionally, the index also surrendered its 100- day moving average on closing basis, indicating weakness in the upcoming sessions.

As per the open interest data, the NIFTY 50 index has immediate resistance around 25,000 and 24,800 strikes, while the support was seen at 24,000 level.

  • Top gainer and loser in NIFTY50: ICICI Bank (+0.7%) and Bharat Electronics (-3.7%)

  • Top gainer and loser in NIFTY Midcap 100: Hindustan Zinc (+2.2%) and Mazagon Dock Shipbuilders (-9.8%)

  • Top gainer and loser in NIFTY Smallcap 100: IndiaMART InterMESH (+0.6%) and Aditya Birla Real Estate (-9.4%)

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Key highlights of the day

🏗️Ambuja Cements (-2%) was in focus after the company acquired Orient Cement for ₹8,100 crore. It will acquire 46.8% stake in the Orient from its existing promoters and select shareholders at ₹395 per share.
🏦City Union Bank jumped 12% after the bank’s net profit jumped 1.6% YoY to ₹285 crore, which was above the Street estimates. The net interest income rose 8% YoY to ₹585 crore, led by higher lending and interest margins.
💸Bajaj Finserv (-1.7%)has indicated that Allianz is considering an exit from its life and general insurance joint ventures in which it holds a 26% stake. Discussions are at an early stage and no formal proposal has been made.

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): Canara Bank, IREDA, Siemens, IRCTC and Tata Steel

📈Open=Low (Bull power): Tube Investments of India and Shree Cements

🏗️Fresh 52 week-high: Torrent Power

⚠️Fresh 52-week-low: IndusInd Bank and IDFC First Bank

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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