return to news
  1. News
    /
  2. Market News
    /
  3. Trading
    /
  4. NIFTY50 back above 21,900, IT & Oil & Gas stocks boost optimism

NIFTY50 back above 21,900, IT & Oil & Gas stocks boost optimism

blog author image

Upstox

blog verification badge

2 min read • Updated: February 7, 2024, 1:06 PM

Facebook PageTwitter PageLinkedin Page

Summary

As mentioned in our morning trade setup blog, the NIFTY50 has support around its 20-day moving average (21,650) and immediate resistance at 22,126 (all-time high). A decisive break above or below this range will provide further directional clues for the index.

stock-market-2616931_1280 (1).jpg
F&O closing update

Following a period of consolidation, Indian markets staged a rebound on Tuesday, reversing Monday's losses to close higher. The benchmark NIFTY50 index gained 0.7% to close at 21,929. The broader SENSEX also gained 0.6% to close at 72,186.

The session was dominated by the bulls as 35 stocks on the NIFTY50 advance and only 15 declined. Most sectors participated in the rally except NIFTY Bank (-0.2%) and FMCG (-0.1%).

NIFTY IT (+2.9%), NIFTY Oil & Gas (+2.6%) and NIFTY Metal (+1.5%) were the top gainers, riding the wave of positive sentiments.

As mentioned in our morning trade setup blog, the NIFTY50 has support around its 20-day moving average (21,667) and immediate resistance at 22,126 (all-time high). A decisive break above or below this range will provide further directional clues for the index.

06feb1.webp

Key highlights of the day:

📱Bharti Airtel jumped over 2% after the company’s Q3 net profit jumped 54% YoY to ₹2,422 crore. The company’s ARPU rose to ₹208 from ₹193.

🏗️Larsen and Toubro’s (+2.3%) transport and infrastructure business won a order worth ₹2,500- ₹5,000 crore for construction work.

🚀Petronet LNG (+4.9%) signed a long-term contract with Qatar Energy for the purchase of 7.5MMTPA LNG.

🏦Yes Bank jumped 11% after HDFC Group got RBI's nod to acquire additional 9.5% stake in it along with five other banks.

🌱Chambal Fertilisers rose 3% after the company’s Q3 net profit rose 41% YoY to ₹459 crore.

Most active futures contracts on Upstox

06feb2.webp

Top traded stock options contracts on Upstox

06feb3.webp

Trading insights NIFTY 200🔍

📉Open = High (Bear power): Crompton Greaves, Power Grid Corporation, Berger Paints, Bharat Heavy Electricals and Kotak Mahindra Bank.

📈Open = Low (Bull power): Gland Pharma, IPCA Laboratories, Syngene International, Tata Chemicals and Tata Consumer Products.

🏗️Top five 52 week-high: Steel Authority of India, Petronet LNG, Gland Pharma, Indian Oil Corporation and IPCA Laboratories.

⚠️52 week-low: SBI Cards, Navin Fluorine, UPL and Paytm.

⬆️Gap-up open: Bharat Forge

⬆️Gap-down open: Crompton Greaves

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!