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  5. Market highlights | NIFTY50 turns volatile, forms doji ahead of the weekly expiry

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Market highlights | NIFTY50 turns volatile, forms doji ahead of the weekly expiry

Upstox
By Upstox News Desk

3 min read | Updated on October 16, 2024, 18:25 IST

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SUMMARY

The NIFTY50 index formed a doji candlestick pattern on the daily chart, signaling indecision, though not a perfect one. The index continues to consolidate between 24,950 and 25,250. A decisive break of this range on a closing basis will provide clear directional clues.

Stock list

HDFCAMC
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ZYDUSLIFE
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GODREJPROP
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NIFTY50 turns volatile, forms doji ahead of the weekly expiry

NIFTY50 turns volatile, forms doji ahead of the weekly expiry

Markets remained volatile throughout the day, trading in a narrow range with negative bias. The NIFTY50 index ended below the 25,000 mark, impacted by profit booking in IT stocks. A doji candlestick pattern formed on the daily chart, signaling investor indecision, though not a perfect one.

Sectorally, Real Estate (+0.5%) and Oil & Gas (+0.2%) advanced the most, while Automobiles (-1.2%) and IT (-1.1%) were the top losers.

The technical structure of the index remains range-bound between the 20 and 100 day moving averages (DMAs), with immediate support around 24,700. The index formed a doji candlestick pattern on the daily chart, although not a perfect one.

As long as the index holds above 24,700 zones, the trend may remain sideways. However, a close above the 7 October high of 25,150 could trigger a short-covering rally towards the 20 DMA, signaling potential bullish momentum.

  • Top gainer and loser in NIFTY50: HDFC Life Insurance (+1.7%) and Trent (-3.6%)

  • Top gainer and loser in NIFTY Midcap 100: HDFC AMC (+5.5%) and Oil India (-6.5%)

  • Top gainer and loser in NIFTY Smallcap 100: Railtel Corporation of India (+6.6%) and Apar Industries (-3.9%)

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Key highlights of the day

💸HDFC AMC surged 5%, pushing its market capitalisation above ₹1 lakh crore after strong Q2 results. The company's net profit jumped 32% YoY to ₹577 crore in Q2FY25. The positive results were driven by higher fee income and improved operational efficiency.
💊Zydus Lifesciences fell nearly 4% after a U.S. federal judge ruled in favor of Exelixis Inc. in a patent dispute over the cancer drug Cabometyx. MSN Laboratories, which partners with Zydus, admitted that its generic version infringed on three Exelixis patents, affecting Zydus' market prospects for the drug.
🏠Godrej Properties (+2.5%) was in the spotlight after the company acquired three adjoining plots in the Mumbai metropolitan region for a ₹3,500-crore residential project. The project will offer approximately 7.5 million square feet of premium residential space.

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): Coforge, Alkem Laboratories, Sundaram Finance, Shree Cements and Marico

📈Open=Low (Bull power): HDFC AMC, Cummins India, Tata Technologies, PB Fintech and ICICI Prudential

🏗️Fresh 52 week-high: HDFC AMC, Siemens, Page Industries, Oberoi Realty 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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