NIFTY50 surrenders 22,000 as Volatility index jumps above 13
Upstox
3 min read • Updated: April 18, 2024, 6:24 PM
Summary
The NIFTY50 index closed below the doji candle formed on the 16 April, which coincided with the 50-day moving average, signalling potential further weakness ahead. The next major support for the index is at the 21,700 level, which is a critical swing low.
Markets extended their losing streak for the fourth consecutive day as investors continued to book profits at higher levels. Rising geopolitical tensions in the Middle East and the U.S. market pricing in the first interest rate cut in September led to the downturn. The NIFTY50 index fell 0.6% and closed the day at 21,995, while the SENSEX also dropped 0.6% and ended the day at 72,488.
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Top gainer and loser in NIFTY50: Bharti Airtel (+4.0%) and Apollo Hospitals (-3.7%)
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The broader markets outperformed the benchmark indices but came under selling pressure towards the end of the session. The NIFTY Midcap 100 index fell 0.4% and the Smallcap 100 declined 0.2%.
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Top gainer and loser in NIFTY Midcap 100: Mankind Pharma (+4.5%) and Tata Elxsi (-0.6%)
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Top gainer and loser in NIFTY Smallcap 100: Himadri Speciality Chemical (+4.9%) and IIFL Finance (-0.7%)
After a positive start, the NIFTY50 rebounded to the 22,300 level, close to its 20-day moving average (DMA). However, the index suffered a sharp sell-off from the day's high on the weekly expiry of the F&O contracts and gave up all its key support levels, including the 50-DMA and the 22,000 level on a closing basis. Experts believe that the breadth of the index has weakened and that immediate support for the NIFTY50 is now at 21,710, the key swing low.
Key highlights of the day:
🚀HDFC Life (+0.5%) was in focus after the company’s Q4 net profit rose 15% YoY to ₹411 crore in FY24. The profit beat the street expectation on the back of higher net premium income.
🥣Nestle India fell almost 3% after reports that it added sugar to infant milk and cereals in India but not in European markets.
📱Bharti Airtel gained 4% after the company reached a definitive agreement with Dialog Axiata PLC and Axiata Group Berhad to merge their operations in Sri Lanka.
Top traded futures contracts
Top traded stock options contracts
4 trading insights from NIFTY 200🔍
📉Open = High (Bear power): Sun Pharma, Ashok Leyland, Zee Entertainment and Page Industries
📈Open = Low (Bull power): Vodafone-Idea, Bank of Baroda and Dixon Technologies
🏗️Fresh 52 week-high: Bharti Airtel, ICICI Lombard, Indus Towers, Vedanta and Samvardhana Motherson
⚠️Fresh 52 week-low: 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 tomorrow!