Markets remain in stalemate: NIFTY50 flat, Mid and Smallcaps slide
Upstox
2 min read • Updated: March 12, 2024, 6:45 PM
Summary
According to options data, the NIFTY50 has immediate resistance at 22,500 and traders are expecting the range-bound movement to continue between 22,000 and 22,600 for this week's expiry.
Indian markets closed flat on Tuesday, supported by buying in few large-cap stocks. The benchmark NIFTY 50 was flat at 22,335 while the SENSEX was marginally higher by 0.2% at 73,667.
However, sentiment in the broader market remained weak. The NIFTY Midcap 100 and Smallcap 100 indices fell by over 1% and 2% respectively. Notably, the Smallcap index has now corrected almost 10% from its recent all-time high.
Barring IT (+0.6%), all the major sectoral indices extended their declines and closed in the red. Real Estate (-3.7%), PSU Banks (-2.5%) and Metals (-1.7%) were the worst performers.
The NIFTY50 index ended the day with a doji pattern, reflecting indecision in the market. Index heavyweights like HDFC Bank (+2.2%), TCS (+1.6%), Reliance Industries (+0.6%) and Infosys (+0.7%) provided crucial support.
As mentioned in our morning trade setup blog, the immediate support zone for the NIFTY50 lies between 22,200 and 22,250. A decisive close below this zone and the 20-day moving average (DMA) could trigger a further decline towards the next support level, the 50-DMA, currently around 21,900. On the upside, immediate resistance remains at 22,500.
Key highlights of the day:
💸AB Capital’s (+1.9%) board approved the merger of its subsidiary Aditya Birla Finance with itself to create a large NBFC.
🔥ITC slipped over 1% after reports suggested that the British American Company (BAT) may sell a part of it stake in the company this week.
💻Oracle Financial Services (+1.9%) shares jumped in India, tracking the parent company's gains, after Oracle Corp's Q3 results beat Wall Street’s estimates.
Top traded Futures contracts
Top traded stock options contracts
4 trading insights from NIFTY 200🔍
📉Open = High (Bear power): ITC, UltraTech Cement, Godrej Consumer Products and Navin Fluorine
📈Open = Low (Bull power): N/A
🏗️Top five fresh 52 week-high: TCS and Interglobe Aviation (Indigo)
⚠️Fresh 52 week-low: SBI Cards
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!