Nifty 50 Stages a Decent Comeback

At the close, the Nifty 50 was at 17,871.70 up by 0.85%

The NSE Nifty 50 index, an index of 50 Indian companies listed on the National Stock Exchange of India, opened at a high level and closed with a 0.85% increase today. The closing value was above 17870. This fair closing of the Nifty index not only maintained the overall bullish sentiment of the market but also increased the confidence of the traders in the economic.

The Nifty 50 opened at around 17,750.30 points. The index was constantly trading higher throughout the day and closed at 17,871.70 points, registering a gain of 0.85% over its opening price. The turnover that was recorded throughout the day was also notable as it was several dollars higher than the previous day.

Buzzing

Technical analysis of the Nifty 50. The rate hike and forward guidance from the Reserve Bank of India governor affected the Nifty and resulted in a volatile market reaction. The Nifty’s rise above the resistance level of 17800, formation of a green candle on the daily chart, and moving above both the short-term and near-term moving averages are all bullish indicators. Additionally, the bullish crossover of the relative strength index momentum oscillator suggests upward momentum in the Nifty. These technical indicators suggest a positive outlook for the Nifty 50 in the short-term.

The Reserve Bank of India’s Monetary Policy Committee recently increased the repo rate, which is the rate at which commercial banks can borrow money from the central bank, by 25 basis points to 6.50%. This move was aimed at controlling inflation and bringing it closer to the central bank’s target of 4%.

Bank Nifty: Up by 0.11%

The Bank Nifty index, which represents the performance of the banking sector in India, also opened with a positive gain and closed with a 0.11% increase, with a closing value of 41,537.65. Additionally, the BSE Sensex, an index of 30 Indian companies listed on the Bombay Stock Exchange, also had a positive day, closing with a 0.63% increase and a closing value of 60,663.79.

The positive performance of the Bank Nifty and BSE Sensex can be interpreted as reflecting a positive sentiment among traders and investors. The gains may have been influenced by favorable global market conditions as well as expectations of additional government measures to stimulate the economy.

Bank Nifty

The Nifty Banking sector had some gainers and some losers for the day. The gainers included Bandhan Bank with a 1.85% increase, State Bank of India with a 0.67% increase, Punjab National Bank with a 0.58% increase, IndusInd Bank with a 0.45% increase, and ICICI Bank with a 0.45% increase. On the other hand, the biggest losers in the sector included Axis Bank with a 0.83% decline, Kotak Bank with a 0.69% decline, IDFC First Bank with a 0.67% decline, Bank of Baroda with a 0.21% decline and HDFC Bank with a 0.13% decline. These results suggest that some banking stocks performed better than others for the day.

Advance Decline Ratio

Today, the advance-decline ratio was 1.56, and the market breadth was positive. The volatility index India Vix decreased by 3.75 percent to settle at 13.60 and the FIIs were net sellers today.

DAILY MARKET ACTION
Advancers – 1348
Decliners – 865
52Wk High –  23
52Wk Low – 79
High Band Hitters – 67
Low Band Hitters – 55
200d SMA – 17303
50d SMA – 18140
20d SMA – 17872

Top Gainers and Losers Stocks

The top gainers were Adani Enterprises (+23.13%), Adani Ports (+9.01%), HDFC Life (+5.25%), SBI Life (+2.87%), and Bajaj Finance (+2.83%).

The top losers were LT (-1.48%), Eicher Motors (-1.43%), Bharti Airtel (-1.39%), Hero MotoCorp (-1.37%), and Axis Bank (-0.83%).

Top Gainers and Losers Sector

The top gainers sector were Metal (+3.78%), IT (+1.53%), Pharma (+1.36%), Consumer Durables (+0.71%), and Oil & Gas (+0.63%).

The Nifty Midcap 50 was up by 0.93 percent, while the Nifty Small Cap 50 up by 0.66 percent on the day.

The Nifty Midcap 50 index currently closed at 8740.45, while the Nifty Small Cap 50 index currently closed at 4272.75.

SECTORS – NOTABLE ACTION
METAL +3.78%
IT +1.53%
PHARMA +1.36%

Stocks Ban List

(SEBI) F&O ban list (AMBUJACEM open at 393.65 and close at 384.65), are not currently on the stock exchange.

The Securities and Exchange Board of India (SEBI) has banned AMBUJACEM from trading in the futures and options (F&O) segment of the stock exchange.

A stock enters the Ban List if its MWPL is above 95%. Implying that, Ban List shows the Futures and Options (FnO ) stocks whose combined open interest in all FnO contracts for a given period crosses 95% of Market-Wide Position Limit.

ADANIPORTS exited from ban list.

IBULHSGFIN, PNB, IDEA and GNFC has a possibilites of entery in a ban list.

Daily Pivots

It appears that the Nifty 50 has been trading within a defined range between 17770 and 17950. This could indicate a period of consolidation or indecision in the market. The direction of the Nifty’s future movement will likely depend on a variety of factors, including global market conditions, economic data releases, and company-specific news.

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This article is only for educational purposes and is not an investment advice.