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  5. Market highlights| NIFTY50 invalidates bullish piercing pattern, all eyes on 24,700 level

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Market highlights| NIFTY50 invalidates bullish piercing pattern, all eyes on 24,700 level

Upstox
By Upstox News Desk

3 min read | Updated on October 21, 2024, 23:05 IST

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SUMMARY

The NIFTY50 index failed to close above the high of 18 October, invalidating the bullish piercing pattern formed on 18 October. A bullish piercing pattern is a two-candlestick reversal signal formed when the second candle closes above the mid-point of the previous bearish candle.

Stock list

HDFCBANK
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KOTAKBANK
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TATACONSUM
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RBLBANK
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NIFTY50 invalidates bullish piercing pattern, all eyes on 24,700 level

NIFTY50 invalidates bullish piercing pattern, all eyes on 24,700 level

Markets failed to sustain its opening gains and remained in the negative territory for entire trading session. The NIFTY50 index saw a sharp reversal after opening around 25,000 and fell over 1% from the opening levels and ended the day at 24,781, down 0.2%.

Except for Automobiles (+0.4%), all the major sectoral indices ended the day in the red. Metals (-1.5%) and IT (-1.2%) declined the most.

The NIFTY50 index failed to close above the high of the 18 October, invalidating the bullish piercing pattern. However, the index protected the crucial swing low of 24,700 on the closing basis. The broader trend of the index remains weak with range-bound activity around 24,800. In the upcoming sessions, if the index ends below 24,700 strike, it may extend the weakness upto 24,400 level. On the flip side, a close above 25,000 can result in a short-covering rally upto 25,200 zone.

  • Top gainer and loser in NIFTY50: Bajaj Auto (+4.3%) and Tata Consumer (-7.0%)

  • Top gainer and loser in NIFTY Midcap 100: Tata Chemicals (+8.7%) and Coforge (-5.5%)

  • Top gainer and loser in NIFTY Smallcap 100: Amber Enterprises (+20.0%) and NBCC (-5.0%)

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Key highlights of the day

šŸ¦HDFC Bank (+2.5%) was in focus after its net profit rose 5.3% YoY to ā‚¹16,821 crore in Q2FY25, which was above the street estimates. The bankā€™s net interest income, difference between interest earned and paid rose 10% YoY to ā‚¹27,390 crore. The crucial highlight was the drop in credit-to-deposit ratio, which fell to 99.8%, below 100% after the merger with HDFC.
šŸ’±Kotak Mahindra Bankā€™s (-4.7%) net profit rose 5% YoY to ā‚¹3,344 crore in second quarter of FY25, which was below the Street expectations. The bankā€™s net interest margin slipped to 4.9% in Q2, lowest in last ten quarters, due to higher provisions.
šŸµTata Consumer plummeted over 7% and was the top loser on the NIFTY50 index. The companyā€™s net profit remained unchanged at ā‚¹359 crore. The companyā€™s profit margins was affected by tea business due to rise in cost of raw tea. The companyā€™s tea market share also declined by 0.20%.
šŸ“‰RBL Bank slipped to 52 week low and declined 14% after the bankā€™s net profit declined 24% YoY to ā‚¹223 crore in Q2FY25. The sharp drop in the profit was due to deteriorating asset quality from its credit card and microlending loans.

Top traded futures contracts

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Top traded options contracts

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4 trading insights from NIFTY 200šŸ”

šŸ“‰Open=High (Bear power): Bandhan Bank, SJVN, Varun Beverages, Jio Financials and Oil India

šŸ“ˆOpen=Low (Bull power): N/A

šŸ—ļøFresh 52 week-high: Tech Mahindra, Dixon Technologies and HCL Technologies

āš ļø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/

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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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