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  5. NIFTY50 reclaims 22,500 mark, inside bar hints at rangebound trading

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NIFTY50 reclaims 22,500 mark, inside bar hints at rangebound trading

Upstox
By Upstox News Desk

2 min read | Updated on May 31, 2024, 18:45 IST

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SUMMARY

Based on options data, the NIFTY50 saw maximum call OI accumulate at the 23,000 strike. This level represents a hurdle for the index. On the other hand, put OI accumulated at the 22,000 strike, making it a key support level for the coming sessions.

Stock list

APOLLOHOSP
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Ahead of the special trading session, the exchanges had noted that there will be a maximum price band of 5% on all securities

NIFTY50 reclaims 22,500 mark, inside bar hints at rangebound trading

Markets traded in a narrow range and started the June series on the positive note. The NIFTY50 index ended its four day losing streak and closed the Friday’s session higher. Both the NIFTY50 and SENSEX gained 0.1% and closed the day at 22,530 and 73,961.

Sector-wise, Real-Estate (+2.3%) and Metals (+1.8%) were the top gainers, while Media (-1.3%) and IT (-1.2%) lost the most.

On the daily chart, the NIFTY50 consolidated within the previous day's range, forming an inside bar candle. This pattern indicates the 22,700 - 22,400 as a key range for the coming days. A break above 22,700 could signal strength, while a break below 22,400 could signal weakness.

  • Top gainer and loser in NIFTY50: Adani Enterprises (+6.8%) and Divi’s Laboratories (-2.3%)

  • Outperforming the benchmark indices, both the NIFTY Midcap 100 and Smallcap 100 indices gained 0.5% each.

  • Top gainer and loser in NIFTY Midcap 100: PB Fintech (+8.7%) and Ipca Laboratories (-7.7%)

  • Top gainer and loser in NIFTY Smallcap 100: Route Mobile (+7.1%) and FDC (-5.7%)

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Key highlights of the day

🪙Muthoot Finance was in focus after company’s net profit for the fourth quarter rose 17% YoY to ₹1,056 crore, due to strong loan demand and higher gold prices.
🏥Apollo Hospitals net profit for the fourth quarter was in line with the street estimates and jumped 77% YoY to ₹258 crore. Meanwhile, the company’s revenue also jumped 15% to ₹4,944 crore.

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): Adani Enterprises, GMR Infra, Adani Ports, Tata Power, Cholamandalam Investment and AU Small Finance Bank

📈Open = Low (Bull power): Nestle India, ONGC, Piramal Enterprises, Kotak Mahindra Bank and Godrej Consumer Products

🏗️Fresh 52 week-high: Adani Power, Havells, Oberoi Realty and Samvardhana Motherson

⚠️Fresh 52 week-low: Berger Paints and Tata Elxsi

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!

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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