Market News
3 min read | Updated on August 14, 2024, 20:07 IST
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.
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%)
📉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
See you on Friday!
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