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  1. NIFTY50 faces hurdle at 50-DMA, all eyes on U.S. inflation data

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NIFTY50 faces hurdle at 50-DMA, all eyes on U.S. inflation data

Upstox

2 min read | Updated on May 15, 2024, 19:06 IST

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SUMMARY

With key U.S. inflation data (CPI) looming, the NIFTY50 exhibited cautious trading and took resistance near its 50-day moving average (22,300). Options data suggests a narrow range for tomorrow's expiry, with expectations concentrated between 22,000 and 22,450.

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NIFTY50 faces hurdle at 50-DMA, all eyes on U.S. inflation data

Markets paused after three days of rebound and ended the volatile and rangebound day flat. The NIFTY50 index closed at 22,200 (-0.08%) and the SENSEX lost 0.1% to end the day at 72,987.

It was a mixed bag across sectors. PSU Banks (+1.4%) and Real-Estate (+1.0%) witnessed buying interest, while FMCG (-0.9%) and Automobiles (-0.5%) saw selling pressure.

The NIFTY50 is facing a critical test after a three-day rebound. Having recouped half of its recent losses from the all-time high, the index now faces resistance at 22,300, which coincides with its 50-day moving average.

For tomorrow’s expiry, the immediate resistance for the NIFTY50 index is at 22,300-mark and the support remians at 22,000. Traders will be watching for a break on either side for directional clues.

  • Top gainer and loser in NIFTY50: Coal India (+4.1%) and Tata Motors (-1.9%)

  • The broader markets extended their gains, with the NIFTY Midcap 100 advancing 1% and the Smallcap 100 gaining 0.5%.

  • Top gainer in NIFTY Midcap 100: Bombay Stock Exchange (+6.5%)

  • Top gainer in NIFTY Smallcap 100: ITI (+9.5%)

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Key highlights of the day:

💊Cipla jumped more than 3% after the promoter group, the Hamied family, sold a 2.5% stake in the company worth ₹2,600 crore for philanthropic purposes.

🔥Siemens India (+6.8%) was in focus after the company's Q4 FY24 net profit jumped 70% YoY to ₹803 crore, led by strong margins and higher other income. The company also announced the demerger of its energy business into a separate entity, Siemens Energy.

🏨Oberoi Realty jumped 3% after the company’s Q4 net profit jumped 64% YoY to ₹788 crore, fueled by strong demand and operational performance.

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): ICICI Prudential, Bosch, Berger Paints, Eicher Motors, Gujarat Gas and HDFC Bank

📈Open = Low (Bull power): Steel Authority of India (SAIL), Tata Chemicals and Tata Steel

🏗️Fresh 52 week-high: Siemens, CG Power, Oberoi Realty, Interglobe Aviation (Indigo) and Cummins India

⚠️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!

Uplearn

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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