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  5. NIFTY50 consolidates between 20 and 50 DMA, all eyes on the US inflation data

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NIFTY50 consolidates between 20 and 50 DMA, all eyes on the US inflation data

Upstox
By Upstox News Desk

3 min read | Updated on August 14, 2024, 20:07 IST

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SUMMARY

The NIFTY50 index continued its consolidation phase for the eighth consecutive day, remaining within the range of its 20-day and 50-day moving averages, signalling a pause at current levels. Meanwhile, the India VIX dropped by over 4%, closing at 15, offering some relief to the bulls ahead of the upcoming U.S. inflation data release.

Stock list

NMDC
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HINDCOPPER
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SAIL
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HAL
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APOLLOHOSP
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PEL
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NIFTY50 consolidates between 20 and 50 DMA, all eyes on U.S. inflation data

NIFTY50 consolidates between 20 and 50 DMA, all eyes on U.S. inflation data

Markets traded in a narrow range throughout the day and ended the Wednesday’s session flat. The NIFTY50 index traded in a range of 97 points on the weekly expiry of its options contracts, forming a small negative candle.

Sectorally, IT (+1.5%) and Consumer Durables (+0.1%) saw buying interest, while Metal (-1.2%) and Pharmaceuticals (-0.8%) witnessed selling pressure.

On the daily chart, the index has formed a small negative candlestick, suggesting a pause and consolidation at the current level. The index has extended its consolidation between its 20-day and 50-day moving averages and has been in this range for the past eight trading sessions.

Experts believe that once the index breaks out of this range on an intraday or closing basis, traders will get a strong directional move. Until then, the index may remain range-bound.

  • Top gainer and loser in NIFTY50: Tata Consultancy Services (+2.2%) and Divi’s Laboratories (-4.0%)

  • Broader markets extended their decline for the second day in a row, underperforming their benchmarks. The NIFTY50 Midcap 100 index was down 0.5% and the Smallcap 100 index was down 0.6%.

  • Top gainer and loser in NIFTY Midcap 100: Paytm (+6.8%) and Piramal Enterprises (-10.3%)

  • Top gainer and loser in NIFTY Smallcap 100: Equitas Bank (+5.2%) and Praj Industries (-4.5%)

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Key highlights of the day

📉Metal and mining stocks were in focus following the Supreme Court's decision to allow states to levy taxes and royalties on minerals in addition to central duties. The ruling also authorised states to collect outstanding dues from previous periods. Shares of NMDC, Hindustan Copper and SAIL declined in the range of 2% to 6%.
🛬Hindustan Aeronautics ended the day in the red after announcing its Q1 FY25 results. The company's net profit jumped 77% YoY to ₹1,456 crore, helped by a jump in other income. Excluding other income, the company's net profit declined on a year-on-year basis.
🏥Apollo Hospitals reported first quarter FY25 results that beat street estimates. Net profit jumped 83% YoY to ₹305 crore. Profitability was driven by strong revenue growth across all verticals, including healthcare, diagnostics and pharmacy. However, average revenue per occupied bed (ARPOB) remained subdued.
🔥Piramal Enterprises slumped over 10% after the company reported disappointing Q1 results. The NBFC's net profit fell 65% YoY to ₹181 crore, due to a high base effect from a one-time gain in the previous year. However, apart from AUM, everything else looked weak. Net interest margins narrowed to 6.7% from 7.3% last year, while asset quality also deteriorated with 'Stage 3' provisions rising to ₹279 crore from ₹230 crore from last quarter.

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): Divi’s Laboratories, Astral, Ultratech Cement, JSW Steel and Tata Steel

📈Open=Low (Bull power): Policy Baazar, Bharti Airtel and Federal Bank

🏗️Fresh 52 week-high: Policy Baazar, Trent and Oil India

⚠️Fresh 52-week-low: IDFC First Bank

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 on Friday!

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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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