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  4. Market Highlights: NIFTY50 gains 0.1% in a range bound session, Metal take charge

Market Highlights: NIFTY50 gains 0.1% in a range bound session, Metal take charge

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Upstox

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2 min read • Updated: April 24, 2024, 8:38 PM

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Summary

The NIFTY50 index is currently consolidating between 22,500 and 22,350 zone. A decisive close above or below this range will signal the next move. Keep an eye on these key levels, especially with monthly NIFTY 50 options expiring tomorrow, the 25th of April.

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The Nifty 50 started strong but faltered again, failing to hold gains above the 22,400-22,500 resistance zone.

Markets extended the winning streak for the fourth consecutive day and closed the range bound session high with minor gains. The NIFTY50 index gained 0.1% and ended the day at 22,402 and the SENSEX also advanced 0.1% to close the day at 73,852.

Sectorally, Metal (+2.6%), Pharma (+1.2%) and Realty (+0.5%) were the top gainers. IT (-0.8%), Media (-0.2%) and PSU Banks (-0.2%) were the top losers.

  • Top gainer and loser in NIFTY50: Hindalco (+3.9%) and Tata Consumer (-5.8%)

  • The broader markets extended their upward trend. NIFTY Midcap 100 index was up 0.7% and Smallcap 100 rose 0.3%.

  • Top gainer in NIFTY Midcap 100: SAIL (+7.3%)

  • Top gainer in NIFTY Smallcap 100: Mangalore Refinery (+10.3%)

The Nifty 50 started strong but faltered again, failing to hold gains above the 22,400-22,500 resistance zone. It's currently consolidating between 22,500 and 22,350. A decisive close above or below this range will signal the next move. Keep an eye on these key levels, especially with monthly NIFTY 50 options expiring tomorrow, the 25th of April.

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Key highlights of the day:

🥫Tata Consumer slipped over 5% after company’s Q4 net profit missed street estimates and slipped 19% YoY to ₹217 crore.

💉Zydus Lifesciences fell 4% following 10 US FDA observations at its Vadodara injection facility.

🔻ICICI Prudential fell over 2% following a sharp decline in its profitability (value of new business). VNB plunged 24% due to a shift in product sales and higher expenses. The company's net profit also fell 26% YoY to ₹173 crore in the March quarter.

🗼Indus Tower slipped over 3% after the Bharti Airtel denied reports of acquiring Vodafone-Idea’s 21% stake in the company.

Top traded futures contracts Image242.webp

Top traded stock options contracts

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4 trading insights from NIFTY 200🔍

📉Open = High (Bear power): Tech Mahindra, Max Financial Services, Infosys and Samvardhana Motherson

📈Open = Low (Bull power): ACC, Axis Bank, Dr. Lal PathLabs, Piramal Enterprises, Torrent Pharma and Vedanta

🏗️Fresh 52 week-high: Steel Authority of India (SAIL), Bharat Dynamics, Dixon Technologies, Hindustan Aeronautics (HAL) and Hindalco

⚠️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!