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  5. NIFTY50 dips on profit booking, street awaits details of cabinet portfolio

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NIFTY50 dips on profit booking, street awaits details of cabinet portfolio

Upstox
By Upstox News Desk

2 min read | Updated on June 10, 2024, 18:23 IST

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SUMMARY

Options data shows that the NIFTY50 has seen fresh call additions at the 23,500 and 23,400 strikes. These levels will act as short-term resistance for the index, while immediate support for the index is at 23,000.

The NIFTY50 index began the day positively but faced profit booking at higher levels.

The NIFTY50 index began the day positively but faced profit booking at higher levels.

Markets traded in a narrow range and closed the volatile session flat as the investors await the allocation of the portfolios to the new cabinet ministers after the swearing-in ceremony yesterday. The NIFTY50 closed at 23,259 (-0.1%) and the SENSEX closed at 76,490 (-0.2%).

Sector-wise, the Realty (+1.3%) and PSU Banks (+0.7%) were the top gainers, while the IT (-1.8%) and the Metal (-0.3%) pack were the top losers.

The NIFTY50 index began the day positively but faced profit booking at higher levels. This follows a strong recovery of over 9% from the previous week’s low. Experts suggest that in the shorter time frame, the index indicates short-term consolidation. However, the broader trend remains positive as long as it trades above its 20-day moving average.

  • Top gainer and loser in NIFTY50: Ultratech Cement (+3.4%) and Tech Mahindra (-2.7%)

  • Broader markets performed better than the headline indices, with the NIFTY Midcap 100 index closed flat and the Smallcap 100 index rising 1.5%.

  • Top gainer and loser in NIFTY Midcap 100: Fertilisers And Chemicals Travancore (+14.0%) and Poonawalla Fincorp (-8.4%)

  • Top gainer and loser in NIFTY Smallcap 100: Rallis India (+11.1%) and IRB Infrastructure (-8.7%)

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Key highlights of the day

🚀Public sector companies were in focus after PM Modi was sworn in for the third time as Prime Minister. Shares of Power Grid, SBI and NTPC gained in the range of 1% to 3%.

🏗️GAIL will build ₹60,000 crore petrochemical project in Madhya Pradesh. The project will be developed on 800 hectares of land provided by the state government.

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): Vedanta, Wipro, L&T Finance, NMDC and Jindal Steel

📈Open = Low (Bull power): Bank of India, Canara Bank, Axis Bank, Dabur and Ipca laboratories

🏗️Fresh 52 week-high: Samvardhana Motherson, Interglobe Aviation (Indigo), Ultratech Cement, Hero Motocorp and Cipla

⚠️Fresh 52 week-low: N/A

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!

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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