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  5. Market highlights| NIFTY50 remains range-bound, 50 DMA remains a hurdle

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Market highlights| NIFTY50 remains range-bound, 50 DMA remains a hurdle

Upstox
By Upstox News Desk

2 min read | Updated on October 10, 2024, 20:11 IST

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SUMMARY

NIFTY50 index encountered resistance at its 50-day moving average (DMA) for the second consecutive session and closed flat. This level remains a critical hurdle, and the trend may continue to show weakness if the index fails to recapture the 50 DMA.

Stock list

INFY
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TCS
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HAL
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BDL
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BEL
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NIFTY50 remains range-bound, 50 DMA remains a hurdle

NIFTY50 remains range-bound, 50 DMA remains a hurdle

Markets traded in a narrow range and remained subdued on the weekly expiry of NIFTY50’s options contracts. The NIFTY50 index broadly traded in a range of 150 points and ended the day below tad below the 25,000 mark.

Sectorally, the Private Banks (+1.5%) and Metals (+0.4%) advanced the most, while Pharma (-2.0%) and IT (-1.2%) declined the most.

The technical structure of the NIFTY50 index formed an inside candle on the daily chart and traded within the range of 9 October. The broader trend of the index remains weak with index trading below its 20 and 50 day moving averages (DMA). The immediate support for the index is around 24,700 zone, the low of September month. On the other hand, the resistance remains at 50 DMA.

  • Top gainer and loser in NIFTY50: Kotak Mahindra Bank (+3.8%) and Cipla (-3.3%)

  • Top gainer and loser in NIFTY Midcap 100: Mazagon Dock Shipbuilders (+8.4%) and Lupin (-5.5%)

  • Top gainer and loser in NIFTY Smallcap 100: Garden Reach Shipbuilders (+6.6%) and

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Key highlights of the day

🖥️Infosys was in spotlight for second day in a row after company signed an agreement with Zooplus, a European online pet supplies retailer, to support its digital transformation and strengthen its Global Capability Centre (GCC).
⌨️Tata Consultancy Services' Q2FY25 net profit fell 1.1% QoQ to ₹11,909 crore, below Street estimates. The company's profit margins contracted for the second consecutive quarter to 24.1% QoQ from 24.7% in the previous quarter. However, the company's revenues were in line with Street expectations. The company's revenues grew 2% to ₹64,219 crore, driven by the BSNL deal.
🔥Defence stocks such as Hindustan Aeronautics, Bharat Dynamics and Bharat Electronics gained up to 4%. The rally follows the government's approval of defence deals worth ₹80,000 crore, including the acquisition of 31 Predator drones and two nuclear submarines.

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): PB Fintech (Policy Baazar), Coforge, Dr. Reddy’s, Delhivery and Zydus Lifesciences

📈Open=Low (Bull power): Tata Elxsi, Indraprastha Gas, Tata Technologies, Indus Towers and UPL

🏗️Fresh 52 week-high: CG Power, Dixon Technologies, Polycab, Page Industries and HCL Technologies

⚠️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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