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  5. Market highlights| NIFTY50 slips back to September lows, volatility spikes over 15

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Market highlights| NIFTY50 slips back to September lows, volatility spikes over 15

Upstox
By Upstox News Desk

3 min read | Updated on October 07, 2024, 18:17 IST

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SUMMARY

NIFTY50 index slipped over 5% in past five trading sessions and has slipped to the low of September month. If the index sustains the 24,750 zone (September month low) on a closing basis, it may stage a small pullback from the oversold zone.

Stock list

BHARTIARTL
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SAIL
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AUBANK
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CGPOWER
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NIFTY50 slips back to September lows, Volatility spikes over 15

NIFTY50 slips back to September lows, Volatility spikes over 15

Markets extended the losing streak for the sixth day straight day, ending the session in the red. NIFTY50 index ended the day below the psychologically crucial 25,000 mark and ended the session near the September month low.

Except for IT (+0.6%), all the major sectoral indices ended the day in the red. PSU Bank (-3.3%) and Energy (-2.4%) were the top losers.

The technical structure of the NIFTY50 index remains weak with index ending below the 50-day moving average for the second day in a row. However, index protected the swing low of 24,750 on the daily chart, which coincides with the low of September month.

In-the short-term, the index has entered the oversold zone and if it protects the 24,750 zone on closing basis, then it may provide a short-term pullback. However, the broader trend of the index has turned negative with immediate resistance around 25,500 and 25,550 zone.

  • Top gainer and loser in NIFTY50: Trent (+1.8%) and Adani Ports (-4.2%)

  • Top gainer and loser in NIFTY Midcap 100: CG Power (+5.2%) and Rail Vikas Nigam (-8.8%)

  • Top gainer and loser in NIFTY Smallcap 100: Natco Pharma (+3.4%) and Garden Reach Shipbuilders (-7.0%)

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Key highlights of the day

🛜Bharti Airtel (+1.3%) gained after the company partnered with Fortinet to launch Airtel Secure Internet, offering enhanced cybersecurity solutions for businesses. The new service aims to provide protection against malware, phishing, and other online threats.
🔩SAIL and BHP have signed an agreement to collaborate on developing low-emission steel-making strategies. The partnership aims to explore technologies that can reduce greenhouse gas emissions in steel production, focusing on energy efficiency and sustainability. However, shares of Steel Authority of India slipped over 5% due to broder market weakness.
🏦AU Small Finance Bank rose 3% after the bank reported strong loan and deposit growth in the second quarter. The bank's total deposits grew 12.7% YoY to ₹1.09 lakh crore. However, the CASA ratio declined marginally to 32.4% from 32.9% in Q2 last year, indicating a slight shift in the proportion of stable deposits.
🔋CG Power rose over 1% after the company entered into an agreement to acquire Renesas Electronics Corporation's radio frequency (RF) components business for $36 million. The acquisition marks CG Power's entry into the semiconductor design market.

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): Hindustan Zinc, Indian Oil Corporation, Gujarat Gas, Power Grid and Info-Edge (Naukri)

📈Open=Low (Bull power): N/A

🏗️Fresh 52 week-high: Coforge, Dr. Lal PathLabs, Info-Edge (Naukri) and BSE

⚠️Fresh 52-week-low: IDFC First Bank, Zee Entertainment and 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 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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