Index Action:
Nifty50: The Nifty50 saw a negative closing near the day’s low as selling emerged at higher levels. It closed 100 points lower at 17,898.
Monthly options expiring on November 25 have sizable positions at 18,000 and 18,500 call options and 17,500 and 17,400 put options.
Weekly options expiring on November 18 have a sizable base at 18,200 and 18,100 call options and 17,800 and 17,900 put options. Further additions were seen at 18,000 call options and 17,800 put options.
The broad range for Nifty50, as per options data, is 17,000 and 18,700 levels. Its immediate support is at 17,600 and resistance is at 18,200 levels.
Bank Nifty: Bank Nifty had yet another negative closing and has now corrected nearly 9% from its all-time highs. It closed 265 points lower at 38,041.
Monthly options expiring on November 25 have sizable positions at 38,500 and 39,000 call options and 37,000 and 38,000 put options.
Weekly options expiring on November 18, have a sizable base at 39,000 and 38,500 call options and 38,000 and 37,000 put options. Further additions were seen at 38,500 call options and 38,000 put options.
The broad range for Bank Nifty, as per the options data, is between 37,100 and 39,500. Immediate support is at 37,600 and resistance is at 38,800 levels.
Stock Action:
Today’s top gainers were Apollo Hospitals, Birlasoft, L&T Technology, Atul Ltd and Metropolis.
Today's top losers were Chambal Fertiliser, Godrej Properties, Glenmark, MCX India and Indus Towers.
Sector Update:
Auto and Media sectors have emerged as the leading sectors today with buying interest. Stocks like Tube Investments, Maruti Suzuki, Tata Motors, PVR and Sun TV closed in the green.
Realty and Pharma sectors saw selling pressure today. Stocks like Godrej Properties, DLF, Oberoi Realty, Aurobindo Pharma and Lupin closed in the red.
Major News: The secretary of the Department of Investment and Public Asset Management has suggested that the much-awaited LIC IPO is likely to hit the market by the fourth quarter of this fiscal year. The government is looking to raise as much as $133 billion by selling up to a 10% stake, making it the largest IPO in the country and the second-largest for an insurer in the world.
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