Nifty reclaims its level above 5 DEMA; support shifted up at 24465

After yesterday’s profit booking from the higher levels, today Nifty managed to recover most of those losses by gaining 131 points or 0.54%, to close at 24619. Nifty reclaimed its level above 5 DEMA, currently placed at 24568.

Apollo Hospitals, Hindalco, and Hero MotoCorp led the charge among the Nifty’s top performers. Conversely, it proved to be a particularly tough session for heavyweights like Indusindbank, Adani Ports, and Titan, which ended as the major losers within the Nifty pack. Trading volumes in the NSE cash market were 10% higher today compared to yesterday.

Amongst the sectoral indices, Pharma, Metal, and Auto emerged as major gainers, while Nifty PSU Bank, Oil n Gas and FMCG ended the day with minor losses.

The Indian rupee appreciated 21 paise against the dollar and experienced its biggest one-day appreciation since July 3, driven by a decline in the US dollar. The dollar weakened amid expectations of a September interest rate cut from the Federal Reserve, following a decline in US inflation.

The Nifty Midcap100 and Smallcap100 indices both performed similar to Nifty with the rise of 0.63% and 0.66% respectively. Market breadth remained marginally positive, with advancing shares outnumbering declining ones, as indicated by an advance-decline ratio on BSE of 1.14.

After forming strong base near 24340, Nifty is gradually getting strength and seems to be heading towards next resistance of 24820, derived from 50 DEMA. On the lower side, yesterday’s low of 24465 could offer support to the Nifty.