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

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

Upstox
By Upstox News Desk

3 min read | Updated on July 26, 2024, 08:16 IST

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SUMMARY

The NIFTY50 and BANK NIFTY are showing early signs of negative structure on the weekly charts. The BANK NIFTY is in the process of forming a bearish engulfing pattern, indicating a potential close below the previous four-week low.

Stock list

AXISBANK
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SBILIFE
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NESTLEIND
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CANBK
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The sectors had a mixed day. Oil and Gas (+2.2%), Automobiles (+1.2%), and Pharmaceuticals (+0.9%) led the gains

The sectors had a mixed day. Oil and Gas (+2.2%), Automobiles (+1.2%), and Pharmaceuticals (+0.9%) led the gains

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.

Also Read: How much tax you need to pay on income of ₹7 lakh to ₹20 lakh after Budget 2024

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%)

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Key highlights of the day

🏦Axis Bank fell over 5% after the company reported its first quarter earnings for FY25. The private sector lender's net profit grew 4% YoY to ₹6,034 crore. However, the profit fell 15% from the previous quarter due to sequential rise in NPAs and higher provisioning.
💱Canara Bank (+0.4%) was in focus after its Q1 FY25 results were in line with street estimates. The bank's net profit grew 4% QoQ and 10% YoY to ₹3,905 crore. The banks' profit jumped on a YoY basis due to an 8% decline in provisioning for bad loans to ₹3,711 crore. However, provisioning rose by 2% on a sequential basis.
🚀SBI Life (+3.6%) extended the positive momentum for the second day in a row after reporting its first quarter results. The company’s net profit jumped 36% YoY to ₹519 crore, aided by healthy growth in premiums.
🍜Nestle India slipped 3% after its first quarter results missed Street estimates on all fronts. The company’s net profit jumped 7% YoY to ₹747 crore, while revenue rose 3% YoY to ₹4,814 crore. The company said that higher commodity prices and lower consumption growth impacted its performance.

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): 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

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!

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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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