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  5. NIFTY50 rebounds from day’s low, forms bullish piercing pattern

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NIFTY50 rebounds from day’s low, forms bullish piercing pattern

Upstox
By Upstox News Desk

2 min read | Updated on June 24, 2024, 18:10 IST

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SUMMARY

The NIFTY50 kicked off the monthly expiry week of June series with significant volatility, recovering over 200 points from the day’s low. In addition, the Volatility Index jumped over 6%, suggesting a turbulent week ahead.

NIFTY50 rebounds from day’s low, forms bullish piercing pattern

NIFTY50 rebounds from day’s low, forms bullish piercing pattern

After a gap-down start, markets staged a V-shaped recovery and ended the Monday's session in the green. The NIFTY50 index rose 0.1% and closed at 23,537, led by gains in automobiles, FMCG and consumer durables stocks.

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The NIFTY50 slipped below last week's low in the opening session, but defended the crucial level (23,398) on closing basis. The index also formed a bullish piercing candle on the daily chart.

The bullish piercing pattern is a two-candle reversal signal that indicates a potential uptrend. It is formed when a green candle opens below the close of the previous red candle after a downtrend and then closes above the midpoint of the red candle. To confirm this pattern, traders often wait for the next day's close to ensure that the bullish trend is sustained before taking action.

  • Top gainer and loser in NIFTY50: Mahindra & Mahindra (+2.6%) and IndusInd Bank (-2.4%)

  • Broader markets ended mixed, with the NIFTY Midcap 100 up 0.2% and the Smallcap 100 down 0.1%

  • Top gainer and loser in NIFTY Midcap 100: Tube Investments (+7.6%) and Fertilisers And Chemicals (-10.0%)

  • Top gainer and loser in NIFTY Smallcap 100: Route Mobile (+14.4%) and Ujjivan Small Finance Bank (-5.2%)

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Key highlights of the day

⚡Larsen & Toubro's power vertical has bagged an order to set up a solar power plant and battery storage unit in Bihar. The total value of the order is in the range of ₹1,000-₹2,500 crore.
📱Bharti Airtel was in focus after the reports emerged that company plans to acquire additional 3% stake in Indus towers.
💊Cipla fell more than 2% after receiving 6 observations from the US FDA for its Goa facility during a 10-21 June inspection.

Top traded futures contracts

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Top traded stock options contracts

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4 trading insights from NIFTY 200🔍

📉Open = High (Bear power): Steel Authority of India, Max Healthcare , Bombay Stock Exchange, Cipla and Piramal Enterprises

📈Open = Low (Bull power): Sun Pharma, Hero Motocorp and ITC

🏗️Fresh 52 week-high: Astral, JSW Infrastructure, Cummins India, Godrej Properties and Info Edge (Naukri)

⚠️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!

SIP
Consistency beats timing.
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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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