Unlock the market dynamics on 18 January 2024, unraveling the latest trends and insights. Stay ahead with key data for informed investment decisions.
Date: 18 January 2024
In the bustling landscape of the Indian Share Bazaar, the trading day of 18 January 2024 was marked by notable movements, as both NIFTY and BANKNIFTY faced challenges. Let’s delve into the key data points and trends that defined the market on this eventful day.
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NIFTY’s Performance: A Roller Coaster Ride
On 18 January 2024, the National Stock Exchange’s benchmark index, NIFTY, kicked off the day with a gap down of 158 points at 21,414.20, signaling a bearish start compared to the previous close of 21,571.95. The index experienced a low of 21,285.55 but managed to recover, reaching a high of 21,539.40. Ultimately, NIFTY closed at 21,462.25, reflecting a loss of 0.51%. HDFCBANK, one of the key constituents, continued to bear the brunt of the market pressure. The top gainers in the NIFTY Index included SUNPHARMA, TECHM, and CIPLA, while the top losers were LTIM, NTPC, and HDFCBANK.
BANKNIFTY’s Downward Spiral
Simultaneously, BANKNIFTY faced a similar fate, opening at 45,492.75, down from the previous close of 46,064.45. On 18 January 2024, the index recorded a low of 45,430.70 and closed at 45,713.55, marking a loss of 0.76%. The top gainers in the BANKNIFTY Index were IDFCFIRSTB, BANKBARODA, and PNB, whereas the top losers included AUBANK, HDFCBANK, and INDUSINDBK.
Index-wise Snapshot: NIFTY Next 50, NIFTY AUTO, NIFTY MIDCAP 50, NIFTY FMCG, NIFTY IT, NIFTY METAL, NIFTY PHARMA, NIFTY PSU BANK
NIFTY Next 50:
The index opened at 54,052.55, reaching a high of 54,150.95 and a low of 52,766.30 before closing at 53,948.40.
NIFTY AUTO:
Opening at 18,402.50, the index touched a high of 18,528.45 and a low of 18,142.50, closing the day at 18,496.25.
NIFTY MIDCAP 50:
Starting the day at 13,228.30, the index saw a high of 13,326.10 and a low of 12,932.35, closing at 13,292.50.
NIFTY FMCG:
The index opened at 56,175.60, reaching a high of 56,228.20 and a low of 55,206.70, closing at 55,953.60.
NIFTY IT:
Starting at 36,784.35, the index recorded a high of 36,826.45 and a low of 36,136.40, closing at 36,730.50.
NIFTY METAL:
Opening at 7,697.55, the index touched a high of 7,708.35 and a low of 7,484.95, closing at 7,629.10.
NIFTY PHARMA:
Starting the day at 17,128.35, the index reached a high of 17,382.35 and a low of 16,818.70, closing at 17,331.25.
NIFTY PSU BANK:
The index opened at 5,814.10, reaching a high of 5,891.80 and a low of 5,710.70, closing at 5,877.50.
Options Chain Activity For 18 January 2024
In the options market, the NIFTY index for the next weekly expiry witnessed significant changes. The top three increases in Open Interest Calls included 21600CE with 40,541, 21500CE with 56,356, and 21400CE with 31,708. On the put side, the top three changes in Open Interest Puts were observed for 21400PE (45,884), 21300PE (16,995), and 21500PE (14,770).
Similarly, BANKNIFTY‘s options chain exhibited notable movements. The top three increases in Open Interest Calls were for 46000CE (77,789), 45800CE (38,793), and 45700CE (29,275). On the put side, the top three changes in Open Interest Puts included 46000PE (39,308), 45800PE (36,585), and 45500PE (38,347).
In conclusion, the 18 January 2024 session in the Indian Share Bazaar was marked by volatility, with NIFTY and BANKNIFTY facing downward pressure. Traders and investors are advised to stay vigilant and adapt their strategies in response to the ever-changing market dynamics.