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NIFTY50 regains 50-DMA, ends above three-day high

NIFTY50 regains 50-DMA, ends above three-day high

Upstox

2 min read • Updated: April 22, 2024, 7:13 PM

Summary

The NIFTY50 index has closed above the bullish piercing pattern which was formed on 19 April. However, with appearance of Doji candle on daily chart, trader can keep keep a close eye on the high and low of the doji candle. A break above or below the doji will give traders further directional clues.

On the daily chart, the NIFTY50 index has closed above the bullish piercing pattern which was formed on 19 April.

The markets extended Friday's short-covering rally and ended Monday's session near the day's high, led by all sectors. The NIFTY50 index gained 0.8% to close at 22,336 while the SENSEX gained 0.7% to close at 73,648.

Top gainer and loser in NIFTY50: Tata Consumer (+3.2%) and NTPC (-1.8%)
The broader markets moved in line with their benchmark peers.The NIFTY Midcap 100 index was up 0.8%, while the Smallcap 100 was up 1.3%.
Top gainer in NIFTY Midcap 100: Union Bank (+7.1%)
Top gainer in NIFTY Smallcap 100: Tejas Networks (+18.2%)

On the daily chart, the NIFTY50 index has closed above the bullish piercing pattern which was formed on 19 April. After a gap-up start, the index regained both of its major daily moving averages (20 and 50) and formed a doji candlestick.

A doji is a neutral candlestick pattern that indicates investor indecision. Going forward, traders can keep a close eye on the high and low of the doji candle. A close above or below the doji will give traders further directional clues. It is important to note that markets will also be reacting to the results of Reliance Industries.

Key highlights of the day:

🖥️Persistent Systems slipped over 9% despite the inline fourth-quarter results, barring the operating profit. The company also provided flat guidance for FY25 margins. 🗼NTPC (-1.8%) was in focus after its subsidiary signed a deal with Indus Towers (-0.6%) to develop grid-based energy projects (solar and wind). 🧱Ultratech Cement (+2.1%) announced the acquisition of India Cements' Maharashtra-based grinding unit for ₹315 crore.