NIFTY50 closes below 50-DMA, confirms doji follow-through

After a day’s consolidation, markets resumed the downward trajectory and declined over 1.5% on the weekly expiry of the NIFTY50’s weekly option contracts. The NIFTY50 index slipped below the psychologically crucial 22,000-mark and closed at 21,957. The SENSEX lost 1.4% and ended the day at 72,404.

Except for Automobiles (+0.7%), all the major sectoral indices ended in the red with Oil and Gas (-3.1%) and Metal (-2.8%) declining the most.

Technically, the NIFTY50 closed below its key 50-day moving average. This confirms near-term weakness in the index, following the formation of the doji candle on the previous trading day. Going forward, the immediate support for the NIFTY50 lies between 21,700 and 21,800 zone, while the resistance remains at 22,500.

• Top gainer and loser in NIFTY50: Hero Motocorp (+3.1%) and Larsen & Toubro (-5.6%)

• The broader markets also witnessed sharp sell-off and ended Thursday’s session in deep red. The NIFTY Midcap 100 lost 1.8% and the Smallcap 100 was down 2.8%.

• Top gainer and loser in NIFTY Midcap 100: Paytm (+5.0%) and Mazagon Dock (-2.3%)

• Top gainer and loser in NIFTY Smallcap 100: Tata Investment (+5.0%) and Can Fin Homes (-3.1%)

Key highlights of the day:

Top traded futures contracts

Top traded stock options contracts

4 trading insights from NIFTY 200🔍

📉Open = High (Bear power): Bharat Heavy Electricals, Bharat Petroleum, Indian Oil Corporation, AB Capital and Dr. Reddy's Laboratories

📈Open = Low (Bull power): TVS Motor

🏗️Fresh 52 week-high: Mahindra and Mahindra, State Bank of India, Avenue Supermarts and Eicher Motors

⚠️Fresh 52 week-low: Asian Paints, Berger Paints, Dalmia Bharat, HDFC Life and Zee Entertainment

See you tomorrow!