NIFTY50 defies weak global cues, finds footing near 50-DMA
Upstox
2 min read ā¢ Updated: February 14, 2024, 6:48 PM
Summary
The NIFTY50 staged a strong recovery from its 50-day moving average around 21,500. As highlighted in our morning trade setup coverage, this level acted as a crucial support, preventing further downside. According to experts, the index remains in a consolidation zone between its all-time high (22,126) and 21,100.
Markets shrugged off weak global cues and staged a strong recovery from the day's low to close higher. The NIFTY50 index gained 0.4% to close at 21,840 and the SENSEX gained 0.3% to close at 71,822. The sharp recovery was led by gains in PSU banks, particularly SBI which gained over 4%.
Mid- and small-cap stocks also rebounded after three days of profit-booking. Both the NIFTY Midcap 100 and Smallcap 100 indices gained more than 1%, rising 1.0% and 1.6% respectively.
Sectorally, PSU Bank (+3.2%), Oil & Gas (+3.1%) and Metal (+1.7% ) emerged as the top gainers, while profit booking was seen in NIFTY IT (-1.1%) and Pharma (-0.9%).
The NIFTY50 staged a strong recovery from its 50-day moving average around 21,500. As highlighted in our morning trade setup coverage, this level acted as a crucial support, preventing further downside.
According to experts, the index remains in a consolidation zone between its all-time high (22,126) and 21,100. Traders should monitor these key levels closely in order to effectively strategies their trades.
Key highlights of the day:
šBharat Electronics (+3%) received a ā¹2,167 crore contract from the Indian Navy to supply electronic warfare suite.
šMahindra and Mahindra (+0.9%) Q3 net profit rose 60% YoY to ā¹2,454 crore, slightly below street estimates. A sluggish demand for tractors despite strong SUV sales left the share price with small gains.
š¢Godrej Properties rose 2% after acquiring 12.5 acres of land in Hyderabad.
š„National Aluminium (NALCO) gained over 9% after its Q3 net profit jumped 83% YoY to ā¹470 crore, aided by lower raw material and power and fuel cost.
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šOpen = High (Bear power): Info Edge, Aurobindo Pharma, Cipla and Cholamandalam Investment.
šOpen = Low (Bull power): Bharat Petroleum, Bharat Heavy Electricals, State Bank of India, Deepak Nitrite and Reliance.
šļøTop five fresh 52 week-high: Hindustan Petroleum, State Bank of India, Maruti, Bank of Baroda and Bosch.
ā ļøFresh 52 week-low: HDFC Bank and PAYTM.
ā¬ļøGap-up open: N/A
ā¬ļøGap-down open: Ultratech Cement and PAYTM.
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/
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