Swing High Market

At the close, the Nifty 50 was at 18,118.55 up by 0.50%

NSE Nifty 50 started at a high and closed with an increase of 0.50% and closed above 18110, it indicates that the market is performing well and that the majority of the stocks in the index have seen positive gains. The index gained 90.90 points, or 0.50%, and closed at 18,118.55. 32 of the stocks included in the index advanced. The index fluctuated between 18,118.45 and 18,118.55 during the day’s trading.

Factors Contributing to Market Gain

Analyzing the technical chart of the NSE Nifty index, and suggesting a potential trading strategy. The index has started forming a pattern of “higher top higher bottom,” which is typically seen as a bullish indication. Additionally, the upper Bollinger Band on the daily chart is set to expand, which could provide additional upward momentum for the index.

The price of Brent crude oil, which is a global benchmark for oil prices. The price has decreased by 17 cents, and is currently at $87.46 per barrel. This can be an indication of a bearish trend in the oil market.

Bank Nifty: Up by 0.74%

Indian stock market is performing well today. The Bank Nifty index opening in green and closing with an increase of 0.74% is a positive sign for the banking sector. Similarly, the BSE Sensex also opened in green, and ended with an increase of 0.53% indicating that the majority of the companies listed on the BSE have seen positive gains. This can indicate a positive sentiment among investors and a growing confidence in the Indian economy. However, it’s worth noting that stock market performance can be affected by a variety of factors, and it’s important to consider broader economic conditions when evaluating market performance.

The performance of different sectors in the Indian stock market. The Nifty IT index, which comprises of information technology companies, had a gain of around 2%. Other sectors such as banking, automobiles, fast-moving consumer goods, and pharmaceuticals also saw gains of around 1%. However, the metal and real estate sectors were the only ones that closed lower. This suggests a bullish trend in the market with sectors such as IT, banking, automobile, FMCG, and pharma performing well, while metal and realty sectors underperformed.

Advance Decline Ratio

The advance-decline ratio is a market breadth indicator that compares the number of stocks that advanced to the number of stocks that declined. A ratio of less than 1, such as 0.81, indicates that there were more declining stocks than advancing stocks and the market breadth is negative.

Additionally, the volatility index India Vix, which is a measure of the volatility of Nifty 50, decreased by 1.23%. Lastly, Foreign Institutional Investors (FIIs) were net sellers on that day, indicating that they sold more shares than they bought.

DAILY MARKET ACTION
Advancers – 1013
Decliners – 1245
52Wk High –  44
52Wk Low – 68
High Band Hitters – 82
Low Band Hitters – 69
200d SMA – 17289
50d SMA – 18279
20d SMA – 18048

Top Gainers and Losers Stocks

The top gainers were Sun Pharma (+1.92%), Hindustan Unilever  (+1.84%), Eicher Motors (+1.70%), UPL (+1.65%), and Tech Mahindra  (+1.60%).

The top losers were UltraTech Cement (-4.42%), Grasim (-1.98%), NTPC (-1.07%), Tata Steel (-0.94%), and JSW Steel (-0.87%).

Top Gainers and Losers Sector

The top gainers sector were IT (+1.88%), Pharma (+0.89%), Auto (+0.83%), FMCG (+0.83%), and Financial Services (+0.61%).

The top losers were Realty (-0.63%), and Metal (-0.40%).

The Nifty Midcap 50 was up by 1.17 percent, while the Nifty Small Cap 50 up by 0.53 percent on the day.

The Nifty Midcap 50 index currently closed at 8,788.50, while the Nifty Small Cap 50 index currently closed at 4,311.40.

SECTORS – NOTABLE ACTION
REALTY -0.63%
METAL -0.40%
IT +1.88%
PHARMA +0.89%
AUTO +0.83%

Stocks Ban List

(SEBI) F&O ban list (PVR open at 1615.10 and close at 1622.95 ), (DELTACORP open at 202.70 and close at 204.95), and (L&TFH open at 95.10 and close at 93.55), are not currently on the stock exchange.

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

SAIL, LTTS, PNB, IDEA, IBULHSGFIN, and NATIONALUM possible entrance in the ban list.

MANAPPURAM, GNFC and IBULHSGFIN exited from ban list.

Daily Pivots

Nifty trading range has been within the 18060 to 18180 range.

Read previous -Daily Insights- here
Nifty – Weekend High!
Market Closes in Red
Wedge Pattern Stocks

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