February 18, 2024
New Delhi, India
Market Highlights
ndian stock markets remained volatile on Wednesday, with Nifty and Sensex closing marginally lower, weighed down by IT and pharma stocks, while metal and realty stocks provided support.
Key Market Trends:
Nifty Technical Analysis:
- Nifty formed a green candle, signaling strength.
- Smallcap 100 rebounded, forming a bullish engulfing pattern.
- Midcap 100 surpassed the hammer candle’s high, reinforcing positive sentiment.
- Buy-on-dips strategy remains favorable above 22,725.
- 21-Day SMA at 23,230 is a key hurdle; a breakout could signal a trend reversal.
Open Interest (OI) Data:
- Highest call OI: 23,100 & 23,000.
- Highest put OI: 22,800 & 22,900.
Closing Bell Highlights:
Sensex: ⬇ 28.21 points (-0.04%) at 75,939.18.
Nifty: ⬇ 12.40 points (-0.05%) at 22,932.90.
BSE Midcap: ⬆ 1.2%, Smallcap: ⬆ 2.4%.
Sector Performance:
- Gainers: Metal, PSU Bank, Realty, Capital Goods (⬆ 1-2%).
- Losers: IT & Pharma (⬇ 1%).
Top Gainers: Zomato (⬆ 5%), L&T, Axis Bank, ICICI Bank, IndusInd Bank, Kotak Mahindra Bank.
Top Losers: TCS, Infosys (⬇ 2%), Hindustan Unilever, Bharti Airtel, Sun Pharma, Power Grid, Bajaj Finserv, HCL Tech, Mahindra & Mahindra, Tech Mahindra.
Market Outlook:
With Nifty holding 22,725, bullish momentum could strengthen if it crosses 23,230. Traders should watch for global cues and FII activity for further direction.
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