Wedge Pattern Stocks

At the close, the Nifty 50 was at 18,165.35 up by 112.05 points or 0.62%

Today was a good day to be in the stock markets, as the NSE Nifty 50 started at a high and went up by 0.62 percent before closing in green. The close today was above 18160, indicating that markets are bullish about India’s growth prospects and financial stability. This is a great news for investors who have been waiting for an opportunity to invest in the Indian stock market. Equity benchmarks rallied for the second consecutive session on Wednesday, driven by strong buying in HDFC twins and foreign funds inflow.

This NSE stock up is expected to continue for some time as more reforms are implemented by the government and investor sentiment remains strong. It will be interesting to observe how this trend plays out over the next few months!

The international oil benchmark Brent crude jumped 1.11 per cent to USD 86.87 per barrel on Wednesday. This surge was driven by an increase in geopolitical tensions in the Middle East and worries over a potential supply. With these factors contributing to a tight market, Brent crude prices are expected to remain higher in the near future.

Nifty Bank ended at 42458

The Indian stock markets experienced positive movements on Wednesday. The Bank Nifty opened in the green and closed 0.53 percent higher at 42458.00, while the BSE Sensex was up by 0.64 percent closing at 61045.74. This bullish market trend indicates a certain degree of economic stability and confidence among investors as they are inclined to put their money into stocks.

The impressive performance of the Nifty Bank could be attributed to a number of factors, including a surge in banking stocks, increased liquidity due to the RBI’s policy measures and increased investor confidence. This milestone is surely a positive sign for Indian markets and could potentially be indicative of sustained economic growth going forward.

The milestone was achieved after a strong rally in the banking sector and strong buying from foreign investors who are betting on India’s long-term growth potential. It is an important milestone for not only investors but also for the banking sector as a whole.

Today’s market showed a positive sentiment with the advance-decline ratio standing at 1.15 and the market breadth being positive. This indicates healthy demand in the market, leading to an increase in stocks. The volatility index India Vix also decreased by 1.49 percent, settling at a higher level than the previous day. This signifies that investors are feeling more confident in putting their money into stocks, expecting that they will get good returns. Such positive signs indicate that the stock markets are looking up and may be a good time to invest if you have enough knowledge about it.

DAILY MARKET ACTION
Advancers – 1182
Decliners – 1026
52Wk High –  38
52Wk Low – 36
High Band Hitters – 82
Low Band Hitters – 28
200d SMA – 17284
50d SMA – 18288
20d SMA – 18033

Top Gainers and Losers

The top gainers were Hindalco (+2.93%), Tata Steel (+2.39%), LT (+2.35%), UPL (+1.92%), and Wipro (+1.79%).

The top losers were Tata Motors (-1.57%), Adani Enterprises (-1.50%), HDFC Life (-1.49%), UltraTech Cement (-1.33%), and BPCL (-0.72%).

Sectors & Broader Indices

The top gainers sector were Metal (+1.65%), Financial Services (+0.80%), Pharma (+0.68%), Consumer Durables (+0.47%), and IT (+0.41%).

The top losers sector were Oil & Gas (-0.07%), and Auto (-0.03%).

The Nifty Midcap 50 was up by 0.67 percent, while the Nifty Small Cap 50 up by 0.01 percent on the day.

The Nifty Midcap 50 index currently closed at 8,754.10, while the Nifty Small Cap 50 index currently closed at 4,338.15.

SECTORS – NOTABLE ACTION
OIL & GAS -0.07%
AUTO -0.03%
METAL +1.65%
FINANCIAL SERVICES +0.80%
PHARMA +0.68%

Top Ban Stocks

(SEBI) F&O ban list (DELTACORP open at 201.90 and close at 203.30), (L&TFH open at 95.75 and close at 95.25), (MANAPPURAM open at 118.00 and close at 116.95), (GNFC open at 570.55 and close at 566.85), while (IBULHSGFIN open at 140.65 and close at 141.30) are not currently on the stock exchange.

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

This is due to the fact that DELTACORP, L&TFH, MANAPPURAM, GNFC and IBULHSGFIN are not currently listed on the stock exchange.

DELTACORP, L&TFH, MANAPPURAM, GNFC and IBULHSGFIN these are large companies and their share prices are likely to be affected by this ban.

GNFC and IBULHSGFIN possiblities of exit from ban list.

This would be good news for the company, as it would allow them to resume operations. However, nothing has been confirmed yet and we will have to wait and see what happens.

Daily Pivots

Nifty trading range has been within the 18060 to 18230 range. This range provides an opportunity for traders to make profits from buying and selling stocks at favorable prices. Traders can also take advantage of this range by capitalizing on short-term movements in the stock price. By carefully studying the trends within this trading range, traders can make informed decisions when making investments in order to maximize their returns.

Read previous -Daily Insights- here
Stocks Sharp Rally
Stocks Low Performance
Stocks Edge Higher

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