return to news
  1. Upstox
    /
  2. News
    /
  3. Market News
    /
  4. Trading
    /
  5. NIFTY50 nears all-time high, encounters resistance at bearish gap

Market News

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

Upstox
By Upstox News Desk

2 min read | Updated on August 22, 2024, 23:03 IST

Twitter Page
Linkedin Page
Whatsapp Page

SUMMARY

The NIFTY50 index formed a bearish candlestick on the daily chart, encountering resistance at the second bearish gap from August 2. Traders should keep an eye on this zone, as a close above it could push the index toward its previous all-time high.

Stock list

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

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%)

unnamed_1.webp

Key highlights of the day

🛵TVS Motor (+2.7%) launched the new Jupiter 110 scooter on 22 August, priced from ₹73,700. The new model will replace its predecessor and will be available in four variants, competing with Honda Activa and Hero Pleasure Plus.
💊Aarti Drugs jumped 6% after the company said it would consider a share buyback at its board meeting on 26 August.
🪙Kalyan Jewellers surged 10% was in focus after the reports suggested that the company's promoter, Trikkur Sitarama Iyer, bought ₹1,300 crore worth of stake from Highdell Investment..

Top traded futures contracts

unnamed_2.webp

Top traded options contracts

unnamed_3.webp

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

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!

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.

Next Story