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  5. NIFTY50 defends 22,000, Metal stocks shine

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NIFTY50 defends 22,000, Metal stocks shine

Upstox
By Upstox News Desk

2 min read | Updated on March 18, 2024, 18:56 IST

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SUMMARY

Following the open interest build-up, call traders moved aggressively at the 22,200 strike, making it immediate resistance for the NIFTY50. Put writers added fresh OI at the 21,850 strike, making it a support level.

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Both the NIFTY50 and SENSEX gained 0.1% to end the day flat at 22,055 and 72,748 respectively.

Markets started the week on a subdued note, trading in a narrow range ahead of the U.S. Federal Reserve meeting later this week. Both the NIFTY50 and SENSEX gained 0.1% to end the day flat at 22,055 and 72,748 respectively.

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Broader markets extended their weakness and closed lower. The NIFTY Midcap 100 declined 0.3%, while the Smallcap 100 index slipped 0.5%.

  • Supporting sectors: Metals (+2.4%) and Auto (+1.2%) advanced the most.

  • Selling pressure: IT (-1.6%) and FMCG (-0.4%) were the top laggards.

The NIFTY 50 continued to trade sideways on the daily chart, consolidating between its 20 and 50-day moving averages within a tight 200-point range. With the India VIX (Volatility Index) surging 7% intraday before retreating, traders may want to monitor price action near the key support level of the 50-DMA. Experts anticipate intraday volatility to rise ahead of the U.S. Federal Reserve meeting, which could lead to a sudden spike in option premiums. Immediate resistance for the NIFTY 50 is seen at 22,250.

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Key highlights of the day:

🔥Shares of Adani Group fell on Monday after reports emerged of a U.S. investigation into possible bribery. Adani Enterprises fell 5% intraday, but recovered most of its losses to close 0.7% lower.
⚒️Metal stocks surged after China reported stronger than expected industrial production growth for January and February. Tata Steel, Jindal Steel and SAIL all gained between 3% and 5%.
🖥️Coforge fell over 6% after the company's board approved raising ₹3,200 crore through a QIP.

Top traded futures contracts

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Top traded stock options contracts

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4 trading insights from NIFTY 200🔍

📉Open = High (Bear power): Coforge, UPL, Eicher Motors, Asian Paints and MRF.
📈Open = Low (Bull power): Jindal Steel, Macrotech Developers, Procter & Gamble and Zee Entertainment
🏗️Fresh 52 week-high: Bharti Airtel and TCS
⚠️Fresh 52 week-low: Hindustan Unilever
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!

SIP
Consistency beats timing.
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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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