NIFTY50 nears all-time high, encounters resistance at bearish gap

Markets witnessed range-bound activity after a positive start and closed the session on a positive note. The NIFTY50 index traded in a range of 80 points on the weekly expiry of its options contracts ending the day at 24,811, up 0.1%.

Sectorally, the Consumer Durables (+0.8%) and PSU Banks (+0.6%) were the top gainers, while Oil & Gas (-0.2%) and IT (-0.1%) witnessed selling pressure.

The NIFTY50 index has formed a small bearish candlestick on the daily chart, facing resistance in the range of the second bearish gap between 24,850 and 24,950. Despite this, the short-term trend remains positive, with immediate support around the 24,500 level. As long as the index holds above this support on a closing basis, the positive trend is likely to persist.

• Top gainer and loser in NIFTY50: Grasim Industries (+2.6%) and Wipro (-1.3%)

• The broader markets remained in the uptrend for the fifth consecutive day with NIFTY Mid cap 100 index jumped 0.6% and Small cap 100 index rose 0.1%.

• Top gainer and loser in NIFTY Midcap 100: Fertilisers And Chemicals Travancore (+6.0%) and One 97 Communications (-3.1%)

• Top gainer and loser in NIFTY Smallcap 100: Raymond (+7.2%) and Firstsource Solutions (-3.3%)

Key highlights of the day

Top traded futures contracts

Top traded options contracts

4 trading insights from NIFTY 200🔍

📉Open=High (Bear power): Dr Reddy's Laboratories, Havells, Avenue Supermarts, Life Insurance Corporation of India and Sun Pharma

📈Open=Low (Bull power): Fertilisers And Chemicals Travancore, Dalmia Bharat, Tata Chemicals, Page Industries and Tata Steel

🏗️Fresh 52 week-high: Trent, TVS Motor, Mahindra and Mahindra Financial, Jubilant FoodWorks, ICICI Lombard and Persistent Systems

⚠️Fresh 52-week-low: N/A

See you tomorrow!