Market News
2 min read | Updated on March 14, 2024, 19:49 IST
SUMMARY
The NIFTY50 found support at its 50-day moving average and swing low of 21,860. A close below both these levels could indicate further weakness, but experts say the index is stuck in a trading range between the 20 and 50 DMAs for now.
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Markets recoup losses to close higher, NIFTY50 above 22,100.
Markets recouped some of yesterday's losses amid broad-based buying across sectors to reclaim the psychologically important 22,000-mark. The NIFTY50 gained 0.6% to close at 22,146 while the SENSEX gained 0.4% to close at 73,097.
Broader markets also took a breather, ending a three-day losing streak. The NIFTY Midcap 100 gained 2% and the Smallcap 100 was up over 3%.
Supporting sectors: Oil & Gas (+2.3%), Metals (+1.9%) and IT (+1.9%) pushed the index higher.
Selling pressure: Private Banks (-0.4%) and Financial Services (-0.1%) were the laggards.
On the daily chart, the NIFTY50 has seen support based buying from its 50-day moving average (DMA). As highlighted in today's morning blog, the index has strong support at its swing low of 21,860 and 50-DMA, and in order to extend the previous day's decline, a close below both (swing low and 50 DMA) could signal further weakness. However, experts believe that the index is now stuck between the 20 and 50 DMAs and a close above or below these levels will provide further clarity.
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