On 4 March 2024, Nifty Makes New High: Evening Star?

Discover the latest updates from the Nifty and Nifty Bank indices on 4 March 2024, including institutional activity, option chain analysis, and potential market trends. Stay informed and make informed investment decisions.

Nifty Made New High on 4 March 2024: Evening Star?

On 4 March 2024, the NSE Share Bazaar kicked off with a promising gain of 25 points, opening at 22,403.50, compared to its previous close of 22,378.40. The Nifty Fifty commenced its journey with a dip, touching 22,358.30 around 9:45 AM. However, it swiftly soared to a peak of 22,440.90 by 10:40 AM. Despite this bullish run, the Nifty displayed signs of consolidation throughout the day, resembling an evening star formation on the charts, though this pattern remains incomplete.

Today’s NSE Share Bazaar

Eventually, the Nifty Spot concluded at 22,405.60, securing a modest gain of 0.12%. Except for the Oil and Gas sector, which experienced a notable surge, the remaining sectors observed marginal gains or losses. Interestingly, a special session held by stock exchanges on 2 March 2024 also saw Nifty in a similar consolidation phase with minimal institutional activity.

NiftyBank Today: A Stronger Stand

Simultaneously, on 4 March 2024, the Bank Nifty commenced trading with a gain of 21 points, initiating at 47,318.50, in contrast to its preceding close of 47,297.50. Witnessing a low of 47,191.65 around 11 AM, the Nifty Bank then surged to a high of 47,529.60 near the closing hours. Demonstrating a stronger stance compared to the Nifty, the Nifty Bank closed at 47,456.10, marking a commendable gain of 0.34%.

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FII/DII Data: Institutional Cash Activity Unveiled

On this trading day, Foreign Institutional Investors (FII) offloaded equities worth 564.06 crores in the cash segment, while Domestic Institutional Investors (DII) exhibited a contrasting behavior by acquiring equities valued at 3,542.87 crores. Notably, DIIs have displayed a streak of aggression over the past two days, whereas FIIs preferred to remain on the sidelines. The long-to-short ratio in FII index futures witnessed an ascent from 0.53 on 2 March 2024 to 0.61 on 4 March 2024, indicating a shift in their trading sentiments.

FII Derivative Statistics for 4 March 2024

You can refer to the image below for the FII derivative statistics for 4 March 2024.

FII derivative stats For 4 March 2024

Sectoral Indices on 4 March 2024

  • Nifty Next 50: Unveiling Market Trends: On 4 March 2024, the Nifty Next 50 index opened at 59,936.00 and reached a high of 60,045.60, with a low of 59,648.85 during the trading session. Finally, it closed at 59,944.20, marking a modest change of 0.27% from the previous day’s close of 59,783.70. This index, comprising the next 50 largest companies by market capitalization after the Nifty 50, serves as a barometer of broader market trends beyond the top-tier companies.
  • Nifty Midcap 100: Reflecting Market Dynamics: The Nifty Midcap 100 index, representing the mid-sized segment of the market, showcased a similar pattern on 4 March 2024. Opening at 49,273.70, it surged to a high of 49,334.75 and dipped to a low of 48,971.15 before settling at 49,248.90 at the close. With a marginal change of 0.20% from the previous close of 49,153.05, this index provides insights into the performance of mid-sized companies, often considered a barometer of economic health and investor sentiment.
  • Nifty Auto: Tracking the Automotive Sector: The Nifty Auto index, which includes major automobile manufacturers and ancillary companies, experienced a challenging day on 4 March 2024. Opening at 20,998.85, it reached a high of 21,040.35 but faced downward pressure, touching a low of 20,824.95. Ultimately, it closed at 20,840.20, reflecting a decline of 0.49% from the previous close of 20,941.95. This index provides valuable insights into the performance of the automotive sector, a crucial component of India’s industrial landscape.
  • Nifty FMCG: Analyzing Consumer Goods Sector: The Nifty FMCG index, comprising fast-moving consumer goods companies, witnessed fluctuations on 4 March 2024. Starting at 54,492.85, it peaked at 54,588.55 but experienced a decline, reaching a low of 54,102.55. Finally, it closed at 54,221.75, indicating a decrease of 0.45% from the previous close of 54,466.10. This index offers a glimpse into consumer spending patterns and overall market sentiment regarding essential and discretionary goods.
  • Nifty IT: Insights into Information Technology Sector: The Nifty IT index, representing the information technology sector, faced challenges on 4 March 2024. Opening at 37,634.25, it briefly touched a high of 37,733.25 but encountered downward pressure, reaching a low of 37,279.45. It closed at 37,314.80, marking a decrease of 0.77% from the previous close of 37,605.80. This index is crucial for tracking the performance of IT companies, which play a significant role in India’s economic growth and global competitiveness.
  • Nifty Metal: Observing Metals Sector Performance: The Nifty Metal index, comprising metal and mining companies, navigated through market fluctuations on 4 March 2024. Starting at 8,337.00, it reached a high of 8,375.25 but experienced a dip, touching a low of 8,229.35. Finally, it closed at 8,318.95, reflecting a slight decrease of 0.23% from the previous close of 8,337.80. This index serves as a barometer for the metals sector, reflecting trends in commodity prices and industrial demand.
  • Nifty Pharma: Assessing Pharmaceutical Sector: The Nifty Pharma index, representing pharmaceutical companies, displayed resilience amidst market volatility on 4 March 2024. Opening at 18,933.90, it reached a high of 19,158.70, with a low of 18,933.70 during the trading session. It closed at 18,960.20, marking a modest increase of 0.29% from the previous close of 18,905.55. This index is crucial for tracking developments in the pharmaceutical sector, a key contributor to India’s healthcare industry.
  • Nifty PSU Bank: Insights into Public Sector Banks: The Nifty PSU Bank index, comprising public sector banks, showcased stability on 4 March 2024. Opening at 7,153.65, it reached a high of 7,166.70, with a low of 7,090.45 during the trading session. It closed at 7,139.50, indicating a marginal increase of 0.26% from the previous close of 7,120.85. This index provides insights into the performance of public sector banks, which play a vital role in India’s banking and financial landscape.
  • Nifty Oil & Gas: Tracking Energy Sector Movements: The Nifty Oil & Gas index, reflecting the performance of energy companies, demonstrated strength on 4 March 2024. Starting at 11,770.40, it surged to a high of 12,005.65, with a low of 11,750.25 during the trading session. It closed at 11,972.00, marking a significant increase of 1.87% from the previous close of 11,751.90. This index is crucial for monitoring developments in the energy sector, including oil and gas exploration, production, and distribution.

Nifty Fifty Today: A Look into the Option Chain

Delving into the option chain data for Nifty with an expiry date of 7 March 2024, notable changes in Open Interest Calls and Puts are observed. The top three changes in Open Interest Calls include 22400CE with 52,024 contracts, followed by 22500CE with 21,985 contracts, and 22300CE with 17,690 contracts. Similarly, in Open Interest Puts, 22400PE leads with 49,469 contracts, trailed by 22300PE with 10,873 contracts and 22500PE with 10,414 contracts. These figures shed light on the prevailing sentiment and potential price levels in the options market.

NiftyBank Today: Option Chain Insights

For Nifty Bank with an expiry date of 6 March 2024, significant shifts are evident in Open Interest Calls and Puts. Noteworthy changes in Open Interest Calls encompass 47500CE with 36,144 contracts, trailed by 47400CE with 32,805 contracts and 47600CE with 25,583 contracts. Conversely, in Open Interest Puts, 47400PE takes the lead with 32,777 contracts, followed by 47500PE with 27,115 contracts and 47600PE with 19,272 contracts. These fluctuations provide valuable insights into potential price movements and market sentiment surrounding Nifty Bank.

In conclusion, the trading landscape on 4 March 2024 showcased notable developments across various indices, with the Nifty displaying signs of potential consolidation, while the Nifty Bank stood resilient. Institutional activity, as reflected in FII and DII data, hinted at shifting market dynamics. Furthermore, insights from the option chain data offered valuable perspectives on future price movements and sentiment in both Nifty and Nifty Bank. Investors and traders remain vigilant as they navigate through these nuanced market conditions, poised to capitalize on emerging opportunities.

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