F&O market recap: NIFTY50 eyes 23,000, Reliance and auto stocks drive the rally
Upstox
2 min read • Updated: April 8, 2024, 5:52 PM
Summary
The NIFTY50 surged above its all-time high (22,526) after a gap of almost a month and closed at the record high. The index has immediate support between 22,400 and 22,500, while resistance is expected around the 23,000 level due to the high concentration of call options expiring this week.
Markets started the second week of April on a strong note led by gains in Reliance Industries and auto stocks. The NIFTY50 ended the day up 0.6% at 22,666 and the SENSEX also gained 0.6% to close at 74,742.
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Top gainer and loser in NIFTY50: Eicher Motors (+3.9%) and Adani Ports (-1.6%)
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Broader markets ended mixed. The NIFTY Midcap 100 closed flat, while the NIFTY Smallcap 100 advanced 0.3%.
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Top gainer and loser in NIFTY Midcap 100: Nykaa (+6.5%) and Aditya Birla Capital (-0.6%)
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Top gainer and loser in NIFTY Smallcap 100: Exide Industries (+16.7%) and Angel One (-0.9%)
The NIFTY50 surged above its all-time high (22,526) after a gap of almost a month and closed at the record high. The index formed a bullish candle on the daily chart and now has immediate support between 22,400 and 22,500, while resistance is expected around the 23,000 level due to the high concentration of call options expiring this week.
Key highlights of the day:
🖥️Wipro fell 1% after the IT major's CEO Thierry Delaporte announced his resignation after four years. The company appointed Srinivas Pallia as MD and CEO of the company.
🏦Bandhan Bank fell over 6% after the bank's founder and CEO Chandra Shekhar Ghosh announced his retirement.
🪫Exide Industries jumped over 16% after the Korean car majors Hundai and Kia signed a deal with its subsidiary for production and supply of EV batteries in India.
🚀Voltas (+6%) hit a 52-week high after the company reported record sales of 2 million ACs in FY24, up 35% year-on-year. The strong volume growth was driven by strong demand, distribution network and new product launches.
🏘️Godrej Properties was in focus after the company announced that it had sold 1,050 flats worth ₹3,000 crore in Gurugram in three days.
Top traded futures contracts
Top traded stock options contracts
4 trading insights from NIFTY 200🔍
📉Open = High (Bear power): Adani Ports, Apollo Hospitals, Coforge, UPL and Canara Bank
📈Open = Low (Bull power): GAIL, Maruti Suzuki and Info Edge (Naukri)
🏗️Fresh 52 week-high: GAIL, Tata Steel, Indus Towers, Vedanta and NTPC
⚠️Fresh 52 week-low: Dabur
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!