return to news
  1. News
    /
  2. Market News
    /
  3. Trading
    /
  4. NIFTY50 takes a breather near all-time high, 21,900 remains key support

NIFTY50 takes a breather near all-time high, 21,900 remains key support

blog author image

Upstox

blog verification badge

2 min read • Updated: February 23, 2024, 5:52 PM

Facebook PageTwitter PageLinkedin Page

Summary

The NIFTY50 consolidated in a narrow range of 100 points near its previous all-time high. Experts attribute the flat close to profit booking ahead of the weekend and see it as a temporary pause. They also highlight the buying momentum near the 20 and 50 day moving averages as the overall trend remains positive.

blur-1853262_1280 (5).jpg
The NIFTY50 index consolidated in a narrow range of 100 points today.

The NIFTY50 started strongly on Friday, supported by positive global cues, but failed to sustain the rally. Despite opening around 22,300, the index traded below the opening level throughout the day and closed flat (-0.02%) with a negative bias.

  • Supporting sectors: NIFTY Realty (+1.0%) and Pharma (+0.4%) firmly traded in the green and supported the index.

  • Profit-booking: PSU Banks (-1.1%) and Oil & Gas (-0.4%) sectors dragged the index lower and witnessed profit-booking.

On the daily chart, the NIFTY50 consolidated in a narrow range of 100 points near its previous all-time high. Experts attribute the flat close to profit-booking ahead of the weekend and see it as a temporary pause. They also highlight the buying momentum near the 20 and 50 day moving averages as the overall trend remains positive. Short-term resistance remains at 22,297.

Rein.webp

Key highlights of the day:

🛢️Reliance Industries (+0.7%) hit a fresh all-time high after its Jio Financial Services company crossed the ₹2 lakh crore mark in market capitalisation.

📱Vodafone-Idea jumped over 7% after the company said its board would meet to consider a fundraising proposal.

🏢Godrej Properties rose 2% after the Bombay High Court ruled against CIDCO's decision to cancel two of the company's plots in Navi Mumbai.

Top traded Futures contracts

Plots.webp

Top traded stock options contracts

Proposal.webp

6 trading insights from NIFTY 200🔍

📉Open = High (Bear power): TCS, ITC, NTPC, Max Financial Services and Union Bank of India.

📈Open = Low (Bull power): Vodafone-Idea, Balkrishna Industries, Bajaj Finserv, Lupin and HAL.

🏗️Top five fresh 52 week-high: Indus Towers, Godrej Properties, SBI Life, Bharat Electronics and Indian Hotels.

⚠️Fresh 52 week-low: N/A.

⬆️Gap-up open: Vodafone-Idea, Indus Towers, Wipro, IRCTC and Bandhan Bank.

⬇️Gap-down open: 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 on Monday!