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  5. NIFTY50 ends August on bullish note, forms doji pattern on daily chart

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NIFTY50 ends August on bullish note, forms doji pattern on daily chart

Upstox
By Upstox News Desk

3 min read | Updated on August 30, 2024, 18:41 IST

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SUMMARY

As per options data of September monthly expiry, traders have made a base at 25,000 call and put strike, suggesting a range-bound activity around this strike.

Stock list

EIDPARRY
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BALRAMCHIN
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M&M
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ADANIPORTS
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NIFTY50 ends August on bullish note, forms doji pattern on daily chart

NIFTY50 ends August on bullish note, forms doji pattern on daily chart

Markets reached new all-time highs, closing August on a positive note. The NIFTY50 index extended its winning streak to 12 consecutive days, finishing both the week and the August series above the key 25,000 mark.

Sector-wise, all major indices ended in the green except for FMCG, which slipped marginally by 0.1%. Real Estate (+1.8%) and Healthcare (+1.3%) led the gains.

Also Read: How to check allotment status for Premier Energies IPO

The NIFTY50 ended the week on a bullish note, closing above its previous all-time high of 25,078. While the broader trend remains positive, this previous high will now serve as an immediate support zone for the index.

During the recent twelve-day rally, the NIFTY50 has left bullish gaps around the 25,200 and 24,850 levels. In the event of a dip, traders should closely monitor price action around these zones, as a rebound could attract fresh buying interest.

  • Top gainer and loser in NIFTY50: Cipla (+2.2%) and Tata Motors (-1.1%)

  • The broader markets also witnessed buying interest and consolidated its gains around its all-time high. The NIFTY Mid cap 100 index jumped 0.6%, while the Small cap 100 index rose 0.4%.

  • Top gainer and loser in NIFTY Midcap 100: AU Small Finance Bank (+7.6%) and Vodafone-Idea (-5.0%)

  • Top gainer and loser in NIFTY Smallcap 100: Radico Khaitan (+7.4%) and Hudco (-5.1%)

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Key highlights of the day

🍯Sugar stocks were in spotlight after government permitted sugar mills to use cane juice or syrup to produce ethanol for the upcoming Ethanol supply for year 2024-25. The recent update removes the previous cap on sugar diversion for ethanol production. Shares of E.I.D Parry, Balrampur Chini and Shree Renuka sugars surged in the range of 1% to 5%.
🧑‍💻Mahindra & Mahindra jumped nearly 2% after the company announced a partnership with Sentrycs to develop anti-drone technology. The project aims to protect India’s critical infrastructure, airports and borders.
🚢Adani Ports was in focus after company said that it will acquire 80% stake in Astro, a global offshore service vehicle operator. The deal was finalised for $185 million in cash. Currently, Aastro operates in Middle East, India, Far East Asia and Africa.

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): Vodafone-Idea, Voltas, L&T Technology Services, Astral and Mphasis

📈Open=Low (Bull power): AU Small Finance Bank, Bandhan Bank, GAIL, Cipla and Bosch

🏗️Fresh 52 week-high: Alkem Laboratories, Indus Towers, Mankind Pharma, Fortis Healthcare and Cipla

⚠️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 on Monday!

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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