NIFTY50 breaks 22,500 barrier, PSU banks lead the charge
Upstox
2 min read • Updated: April 25, 2024, 7:10 PM
Summary
The NIFTY formed a bullish engulfing candle on the monthly expiry of its April futures and options contracts and recaptured the resistance zone of 22,400 and 22,500. This zone will act as immediate support for the index going forward.
Markets extended their winning streak for the fifth consecutive session to close higher on Thursday, led by buying across sectors barring Realty. The NIFTY50 closed above the key 22,500 level, gaining 0.7%, while the SENSEX rose 0.6% to 74,339.
-
Top gainer and loser in NIFTY50: Axis Bank (+6.0%) and Kotak Mahindra Bank (-10.7%)
-
The broader markets extended their upward trend. NIFTY Midcap 100 index was up 0.7% and Smallcap 100 rose 0.3%.
-
Top gainer in NIFTY Midcap 100: Bharat Forge (+7.3%)
-
Top gainer in NIFTY Smallcap 100: MCX (+8.3%)
The NIFTY50 ended a volatile session with the monthly expiration of the April futures and options contracts. The index formed a bullish engulfing candle on the daily chart and zoomed past the 22,400-22,500 resistance zone. This zone will act as immediate support for the index going forward.
Key highlights of the day:
🏦Axis Bank rose 6% after the company reported a net profit of ₹7,130 crore in Q4 FY24 compared to a loss of ₹5,728 crore in the same quarter last year.
🍜Nestle India jumped over 2% after the company's Q1 net profit rose 27% y-o-y to ₹934 crore, beating street estimates.
🥫Dr. Reddy’s jumped 5% after the company entered in the joint venture with Nestle India to sell their nutritional solutions like minerals, herbals and supplements.
💸Kotak Mahindra Bank slumped over 10% after the RBI banned the bank from adding new customers through online and mobile banking. The central bank also barred the bank from issuing new credit cards.
Top traded futures contracts
Top traded stock options contracts
4 trading insights from NIFTY 200🔍
📉Open = High (Bear power): SBI Life, Tata Consumers, LIC Housing Finance and Tata Technologies
📈Open = Low (Bull power): Federal Bank, Infosys, HDFC Bank and HCL Tech
🏗️Fresh 52 week-high: AB Capital, State Bank of India, Canara Bank, JSW Steel, HAL, ICICI Bank and NMDC
⚠️Fresh 52 week-low: Kotak Mahindra Bank and Dalmia Bharat
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!