NIFTY50 sustains gains, eyes all-time high
Upstox
2 min read • Updated: February 15, 2024, 7:38 PM
Summary
On the daily chart, the NIFTY50 managed to close above the 21,900 level, forming a neutral candlestick pattern. As highlighted in our morning blog, the index has seen support based buying from the 21,500 and 21,600 levels in recent days, which now coincides with its 50-day moving average.
The markets extended gains for the third consecutive day to close near the day's high. Both NIFTY50 and SENSEX gained 0.3% to close at 21,910 and 72,050 respectively. Sector-wise, PSU Banks (+3.2%), Oil & Gas (+2.4%) and Auto (+1.3%) extended their gains. FMCG (-0.9%) and Pharma (-0.1%) remained subdued.
On the daily chart, the NIFTY50 managed to close above the 21,900 level, forming a neutral candlestick pattern. As highlighted in our morning blog, the index has seen support based buying from the 21,500 and 21,600 levels in recent days, which now coincides with its 50-day moving average. However, the experts believe that the index is not out of the woods yet. Immediate resistance at the all-time high (22,126) remains intact.
Key highlights of the day:
🚘Mahindra and Mahindra (+6%) was the top gainer in NIFTY50 today. This comes after the company's Q3 net profit jumped 60% YoY to ₹2,454 crore, aided by strong performance across all segments except tractors.
🛢️Oil India zoomed 12% after the company said that it expects to double the number of drilling wells in FY25, taking oil production to 4 million metric tone in FY26.
💡Tata Power and Power Grid rose 1% and 2% respectively, joining a rally in power stocks. This comes on the back of strong demand and a 50% increase in government budget allocations.
🏦Federal Bank (+5%) was in focus after the reports suggested that the bank shortlisted 3 candidates for the CEO position, including the director of Kotak Bank.
✈️Indigo fell 2% after reports suggested that the airline is likely to cut upto twelve flights from Mumbai airport on Government’s directive.
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5 trading insights from NIFTY 200🔍
📉Open = High (Bear power): Zee Entertainment, Indigo, Shree Cement, Max Healthcare and AU Small Finance Bank.
📈Open = Low (Bull power): Torrent Power, Mphasis, PI Industries, Persistent Systems and Delhivery.
🏗️Top five fresh 52 week-high: Oil India, Torrent Power, Mahindra and Mahindra, BPCL and ONGC.
⚠️Fresh 52 week-low: Hindustan Uniliver and PAYTM.
⬆️Gap-up open: Tata Power, NMDC, Union Bank, IRCTC and Hindustan Aeronautics.
⬇️Gap-down open: PAYTM.
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!