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  5. Market highlights| NIFTY50 surges past 26,000 ahead of monthly expiry, volatility eases 5%

Market News

Market highlights| NIFTY50 surges past 26,000 ahead of monthly expiry, volatility eases 5%

Upstox
By Upstox News Desk

3 min read | Updated on September 25, 2024, 19:13 IST

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SUMMARY

Monthly options data for the NIFTY50 shows a strong presence of put writers between the 25,900 and 25,700 strikes, suggesting support around these levels. Meanwhile, call sellers have established their base at 26,000 and 26,200, suggesting resistance around these levels.

Stock list

IEX
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DELTACORP
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ZEEMEDIA
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Technical structure of the NIFTY50 index remains bullish

Technical structure of the NIFTY50 index remains bullish

Markets hit a fresh all-time high, extending the winning streak for a fifth consecutive day. NIFTY50 index traded in a narow range ahead of the monthly futures and options expiry, but experienced strong buying momentum towards the end of the session. It successfully crossed and held the psychologically important 26,000 level and closed above it.

Sectorally, Real-Estate (+0.6%) and Metals (+0.4%) were the top gainers, while PSU Bank (-0.8%) and IT (-0.6%) lost the most.

Also Read: Upcoming big companies IPOs to be launched soon

The technical structure of the NIFTY50 index remains bullish as it continues to form higher highs and higher lows on the daily chart, while consistently holding above the previous day's low at the close. Immediate support is seen at the 25,850 level, with key support at 25,700.As long as the index remains above these levels, the bullish trend is likely to continue.

  • Top gainer and loser in NIFTY50: Power Grid (+4.0%) and LTIMindtree (-3.6%)

  • Top gainer and loser in NIFTY Midcap 100: Zee Entertainment (+5.7%) and PB Fintech (-5.8%)

  • Top gainer and loser in NIFTY Smallcap 100: Five-Star Business Finance (+5.1%) and Indian Energy Exchange (-4.3%)

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Key highlights of the day

⚡Indian Energy Exchange (-4%) extended the losses for the second day in a row after reports said that the government plans to move forward with market coupling by the end of this fiscal year or early FY26. Market coupling could challenge IEX's dominance by creating a single price for electricity across platforms.
🔥Delta Corp surged over 2% after announcing a restructuring initiative. The board of the gaming and hospitality firm approved the demerger of its Hospitality and Real Estate businesses into a newly formed entity, Delta Penland Private Limited (DPPL).
📺Zee Media jumped 11% after the company announced that its board will meet on September 27 to consider various fundraising options. The board will consider a range of fundraising options, including a private placement, a qualified institutional placement (QIP), a rights issue or a combination of these, to meet capital requirements.

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, Max Healthcare, LTIMindtree, Punjab National Bank and Marico

📈Open=Low (Bull power): Apollo Tyres, Tata Chemicals, HDFC Bank and Eicher Motors

🏗️Fresh 52 week-high: Tata Communications, Power Grid, NTPC, Bajaj Finserv and IPCA Laboratories

⚠️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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