NIFTY50 sustains 20 DMA, BANK NIFTY decline 4% from an all-time high

Despite opening almost 1% lower, the NIFTY50 recovered all its losses to end the day flat. The index closed the July series of its futures and options contracts above the 24,000 mark, closing flat at 24,400.

Sectors had a mixed day. Oil & Gas (+2.2%), Automobiles (+1.2%) and Pharma (+0.9%) led the gains. Meanwhile, Metals (-1.3%), Banks (-0.8%) and Real-Estate (-0.8%) faced selling pressure.

The NIFTY50 index protected its 20-day moving average (DMA) for the third consecutive day, recovering all of its opening losses in a volatile session. The index has protected the 24,300 level on a closing basis for the last four days. Experts believe that the trend may remain range-bound until it breaches its 20 DMA and 24,300 level on a closing basis.

• Top gainer and loser in NIFTY50: Tata Motors (+5.9%) and Axis Bank (-5.0%)

• The broader markets remained subdued and ended the day in the red. The NIFTY Midcap 100 index was down 0.2%, while the Smallcap 100 index slipped 0.3%.

• Top gainer and loser in NIFTY Midcap 100: Syngene International (+6.2%) and AU Bank (-4.6%)

• Top gainer and loser in NIFTY Smallcap 100: Jyothi Laboratories (+7.9%) and IRCON (-3.4%)

Key highlights of the day

Top traded futures contracts

Top traded options contracts

4 trading insights from NIFTY 200🔍

📉Open=High (Bear power): Axis Bank, KPIT Technologies, Steel Authority of India, Tata Steel and LIC Housing Finance

📈Open=Low (Bull power): Syngene International, SBI Life, Kotak Mahindra Bank, HDFC Bank and Powergrid

🏗️Fresh 52 week-high: Tata Motors, ONGC, United Spirits, Petronet LNG and SBI Life

⚠️Fresh 52-week-low: N/A

See you tomorrow!