NIFTY50 reclaims 22,000 after a month, auto and pharma stocks hit new highs
Upstox
2 min read • Updated: February 17, 2024, 12:16 PM
Summary
On the daily chart, the NIFTY50 closed above 22,000 for the first time in a month, but still faces an immediate hurdle at its all-time high (22,126). Immediate support for the index is now at 21,700, which coincides with its 20-day moving average.
Building on yesterday’s gains, the markets extended their gains for the fourth day in a row, led by strong gains in auto and technology stocks. The NIFTY50 jumped 129 points (+0.5%) to close above the 22,000-mark for the first time in a month, ending at 22,040. The SENSEX also gained 0.5% and ended the day at 72,426.
Sector-wise, the NIFTY Auto (+2.2%) and Pharma (+1.6%) hit fresh 52-week highs and were the top performers. Oil & Gas (-0.6%) and PSU Banks (-0.3%) witnessed profit booking.
On the daily chart, the NIFTY50 closed above 22,000 for the first time in a month, but still faces an immediate hurdle at its all-time high (22,126). Immediate support for the index is now at 21,700, which coincides with its 20-day moving average.
Key highlights of the day:
🛡️Defence stocks HAL (+1.7%) and BEL (+1.0%) were in focus today. This comes after reports suggested that the Defence Acquisition Council approved the purchase of equipment worth ₹80,000 crore.
🚗Tata Motors rose nearly 2% after the company launched its multipurpose heavy-duty trucks in South Africa.
🚘Mahindra and Mahindra (+3.9%) extended gains following a deal with Volkswagen for electric vehicle components.
💊Glenmark Pharma surges 7% despite reporting Q3 loss (₹330 crore). Upbeat management commentary on margin improvement in upcoming quarters and strong product pipeline boosted investor optimism.
⚕️Zydus Lifesciences (+1.4%) received final approval from USFDA for its chest pain tablets, offering relief to heart patients.
Top traded futures contracts
Top traded stock options contracts
5 trading insights from NIFTY 200🔍
📉Open = High (Bear power): Asian Paints, Hindalco, Gujarat Gas, CG Power and Indraprastha Gas.
📈Open = Low (Bull power): Hero Motocorp, AB Capital, Dr. Lal PathLabs, PI Industries and Info Edge (Naukri).
🏗️Top five fresh 52 week-high: Wipro, Mahindra & Mahindra, SBI Life, Adani Ports and Maruti Suzuki.
⚠️Fresh 52 week-low: PAYTM
⬆️Gap-up open: Infosys, UltraTech Cement
⬇️Gap-down open: 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 on Monday!