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  5. NIFTY50 consolidates at record high, forms doji pattern

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NIFTY50 consolidates at record high, forms doji pattern

Upstox
By Upstox News Desk

3 min read | Updated on July 15, 2024, 20:40 IST

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SUMMARY

The broader trend on the NIFTY50 remains positive, with key support at 24,400. Following the formation of a doji pattern on the 15 July, traders will be watching the next day's close closely as a close above or below this neutral pattern will provide further directional clues.

Stock list

HCLTECH
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HDFCLIFE
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AUROPHARMA
--
ASHOKLEY
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NIFTY50 consolidates at record high, forms doji pattern

NIFTY50 consolidates at record high, forms doji pattern

Markets hit a fresh all-time high to end the day at record levels, led by broad-based buying across sectors. The NIFTY50 index rose 0.3% to close at 24,586 while the Sensex gained 0.1% to 80,664.

Barring IT (-0.2%), all major sectoral indices ended the day in green. PSU Banks (+3.0%), Oil & Gas (+1.9%) and Reality (+1.3%) were the top performers.

The NIFTY50 has formed a doji candlestick pattern on the daily chart, reflecting investor indecision at record-high levels. The doji is a neutral candlestick pattern, which indicates that the opening and closing prices are around the same level.

As the doji is considered a neutral pattern, a close above or below it will provide traders with further directional clues. A close above the doji would signal a resumption of the ongoing bullish trend, while a close below would indicate weakness, leading to profit-booking ahead of next week's Union Budget.

  • Top gainer and loser in NIFTY50: ONGC (+5.1%) and LTIMindtree (-1.6%)

  • Broader markets hit a fresh all-time high and ended the day in green. The NIFTY Midcap 100 index rose 0.8%, while the Smallcap 100 index rose 0.5%.

  • Top gainer and loser in NIFTY Midcap 100: IDBI Bank (+6.7%) and Mazagon Dock Shipbuilders (-2.9%)

  • Top gainer and loser in NIFTY Smallcap 100: Castrol India (+7.3%) and Sonata Software (-3.0%)

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Key highlights of the day

🖥️HCL Technology gave up its intraday gains (+5%) to end the day flat after reporting its Q1FY25 results. The company's revenues declined 1.6% QoQ to ₹28,057 crore, while net profit rose 6.8% to ₹4,257 crore on the back of a one-time increase in other income.
💵HDFC Life Insurance was in focus after its Q1FY25 results beat street estimates. The company's net profit jumped 15% YoY to ₹479 crore, led by growth in new business and renewal premiums.
💊Aurobindo Pharma (+3%) hit a fresh all-time high after the company said it would consider a share buyback plan at its board meeting on 18 July.
🚛Ashok Leyland rose almost 2% after winning a ₹980 crore bus contract from the Maharashtra government.

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): Astral, Asian Paints, PI Industries, Jubilant Foodworks and Persistent Systems

📈Open=Low (Bull power): Zomato, State Bank of India, Max Healthcare, Apollo Hospital and MRF

🏗️Fresh 52 week-high: ONGC, GAIL, Aurobindo Pharma, Oracle Financial Services Software and SBI Life

⚠️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!

Uplearn

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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