Nifty 50 Index Crosses The 16,500 Mark

Nifty 50 Index Crosses The 16,500 Mark

The Nifty 50 Index opened with a significant Gap up of  222.25  points at 16, 562.80, surpassing Tuesday’s high led by the IT (2.93%) and Metal (1.12%) sectors. However, during the trading session, it lost value considerably. The Index gained 1.10% and closed at 16,520.85 (up by 180.30 points) on Wednesday, July 20, 2022.

The Nifty close metric surpassed that of its 200-day EMA, which is a bullish indication. With the aforementioned gain, this Indian stock market index has broken its previously ascertained resistance level of 16,450. In addition, the India VIX cooled down by 2.21% and closed at 16.82 (down by 0.38 points). Here is a market roundup analysis provided for better understanding.

Open Interest Analysis

Highest Open Interest

  • CE Side = (a) 1,02,169 at 16,500

                               (b) 1,58,337 at 16,600

  • PE Side = (a) 1,19,234 at 16,400

                               (b) 1,44,761 at 16,500

Change In OI/ Open Interest

Addition

PE Side = At 16,500 was 1,36,391

By analysing the option chain, we can clearly see that 16,500 option writers shifted to 16,600.

Highest Unwinding

CE Side at 16,400 was 63,371

Exponential Moving Average (EMA)

The Nifty 50 Index broke its 100-day EMA that was valued at 16,433, which earlier acted as a resistance.  The current nearest resistance level is set at 16,654, which if broken would make the market bullish. It is currently sustaining above its 200-day EMA of 16,520, which acts as a support, if this level is broken then would lead to a bearish session.

Top Gainers And Losers Today

The top Indian stocks that saw a ‘green’ session today are mentioned below.

1. Oil & Natural Gas Corporation Limited

Oil & Natural Gas Corporation Limited (NSE: ONGC), a governmental oil and gas producer, saw its stock prices rise by 3.71% and close at INR 132.65 (up by 4.75 points) today. The total trade volume of the stock stood at 6,03,17,150, worth INR 80,728.47 lakhs. The ONGC stock was one of the top losers of the Indian share market on Tuesday and thus this recovery is definitely notable.

2. Tech Mahindra Limited

Tech Mahindra Limited (NSE: TECH), an Information Technology service provider,  saw its stock gain by 3.60% and close at INR 1,044.00 (up by 36.30 points) today. The total trade volume of the stock stood at 55,74,762, worth INR 57,911.74 lakhs.

3. Tata Consultancy Services Limited

Tata Consultancy Services Limited (NSE: TCS), a leading company in the IT sector, saw its share price increase by 2.82% and close at INR 32,161.00 (up by 86.75 points) today. The total trade volume of the stock stood at 34,02,251, worth INR 1,06,935.47 lakhs.

The Indian stocks that slumped the most even during a  ‘green’ day for the Nifty 50 Index have been listed below.

1. HDFC Life Insurance Company Limited

HDFC  Life Insurance Company Limited (NSE: HDFCLIFE), a leading insurance company in India, saw its share prices slip by 1.99% and close at INR 525.25 (down by 10.65 points) today. The total trade volume of the stock stood at 90,53,768, worth INR 47,734.18 lakhs. It is the second consecutive day of this equity stock topping the losers list.

2. Mahindra & Mahindra Limited

Mahindra & Mahindra Limited (NSE: M&M), a leading automotive manufacturer in India, saw its share prices tumble by 1.82% and close at INR 1,164.65 (down by 21.60 points) today. The total trade volume of the stock stood at 30,28,752, worth INR 35,570.27 lakhs. It was one of the top gainers on Tuesday, however, could not keep the momentum going.

3. Sun Pharmaceutical Industries Limited

Sun Pharmaceutical Industries Limited  (NSE: SUNPHARMA), a major health sector company,  saw its stock value decrease by 1.13% and close at INR 865.45(down by 9.85 points) today. The total trade volume of the stock stood at 28,85,666, worth INR 25,130.98 lakhs.

The Nifty 50 Index consecutively closed at a bullish note for the last four trading sessions, which is currently a relief after the recent bearish stock market sessions.

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Sahil Patil

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