Market News
2 min read | Updated on March 27, 2024, 18:25 IST
SUMMARY
Options data shows strong open interest build-up in the NIFTY50 at the 22,000 put option level, suggesting support for the 28 March expiry. On the other hand, immediate resistance is at the 22,200 level. With the monthly close and the expiration of the NIFTY50's F&O contracts, experts advise caution and to monitor the breach of the trading range between the 20 and 50 DMAs.
Stock list
NIFTY50 struggles at 20-DMA, Reliance and HDFC Bank provide support
Diverging from global peers, Indian markets started Wednesday's session on a positive note and closed higher led by gains in Reliance Industries, select banking and auto stocks. The NIFTY50 gained 0.5% to close at 22,123 while the SENSEX gained 0.7% to close at 72,996.
Broader markets also extended their winning streak, with the NIFTY Midcap 100 closing flat and the Smallcap 100 index gaining almost 1%.
Supporting sectors: Real-Estate (+0.8%), Private Banks (+0.6%) and Automobiles (+0.5%) were the top gainers.
Selling pressure: PSU Banks (-0.9%), IT (-0.6%) and Media (-0.5%) were the top laggards.
After a gap-up start, the NIFTY50 gradually moved higher and inched closer to the immediate hurdle of 22,200-mark. The index traded above 22,150-mark for most part of the day but witnessed selling pressure towards the fag-end of the session. This follows a recent four-day consolidation period between its 20 and 50-day moving averages. Experts believe a breakout or breakdown of this range will signal the index’s next move.
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