Market News
2 min read | Updated on March 26, 2024, 18:09 IST
SUMMARY
After opening lower, the NIFTY50 regained support at its 50-day moving average and moved higher. However, the index still faces resistance around the 22,100 level, which witnessed an increase in call option contracts. According to options data, traders expect the NIFTY50 to trade between 21,800 and 22,300 during the holiday-shortened week.
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Markets snap three-day winning streak: NIFTY50 consolidates around 22,000 as IT and Banks drag
Markets remained subdued and started the truncated week with the range bound price action. The NIFTY50 lost 0.4% and ended Tuesday's session at 22,004, while the SENSEX dropped 0.5% and closed at 72,470.
The broader markets outperformed the benchmark indices. The NIFTY Midcap 100 gained 1%, and the Smallcap 100 index rose 0.4%.
Supporting sectors: Real-Estate (+1.5%), Oil & Gas (+0.7%) and Metal (+0.3%) advanced the most.
Selling pressure: Media (-1.6%), IT (-0.6%) and Banks (-0.5%) declined the most.
The NIFTY50 broadly consolidated within a narrow range of 100 points. This sideways movement is likely due to weakness in both the heavyweights IT and banking stocks. As we near the monthly expiry of the F&O contracts, experts believe that the NIFTY50 is consolidating between 22,200 and 21,800. A breakout or breakdown above or below this range will signal the market’s next move.
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