Index Action
Nifty50
The Nifty50 extended the gains to the second straight day and closed near the day's high. Gains in pharma, financial and cement stocks pushed the index higher, while oil & gas stocks were the laggards. The 50-share index traded in a narrow range and closed at 17,325, up 103 points.
The Nifty50’s monthly options expiring on March 31 have sizable positions at 17,500 and 17,300 call options and 17,000 and 17,200 put options.
As per options data, the broad range for the Nifty50 is between 16,300 and 18,000 levels. Its immediate support is at 16,900 and resistance is at 17,500 levels.
Bank Nifty
The Bank Nifty kept oscillating between the negative and positive territory during the session, but buying in the last hour helped bulls bounce back. With gains in heavyweights like HDFC and ICICI Bank, the Bank Nifty rose 136 points to 35,847.
The Bank Nifty’s monthly options expiring on March 31 have sizable positions at 36,000 and 36,500 call options and 35,000 and 35,500 put options.
As per options data, the broad range for the Bank Nifty is between 34,500 and 37,800 levels. Its immediate support is at 35,000 and resistance is at 36,400 levels.
Stock Action
Top gainers: Ipca Labs, JK Cement, Max Financial, Intellect Design and Indiabulls Housing Finance.
Top losers: Hero MotoCorp, ONGC, Coal India, Zee Entertainment and Vodafone Idea.
Sector Update
Among sectors, Pharma and Financials witnessed buying interest. Stocks like Ipca Labs, Abbott India, Divi's Labs, ICICI Prudential and HDFC closed in the green.
The Media and Oil & Gas sectors came under selling pressure. Stocks like Zee Entertainment, PVR, ONGC, GSPL and IOC closed in the red.
Major News
The TRAI's Secretary V Raghunandan has said that the regulatory body will share its recommendations on 5G spectrum pricing and other modalities in 7-10 days. TRAI's recommendations are important as they will set the pace for auctions and rollout of 5G services.
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