Index Action
Nifty50
The Nifty50 gave up all its intraday gains and ended lower for the third straight session. After hitting a high of 16,400, the index slipped sharply in the last hour of trade, hit by a sharp sell-off in metals and oil & gas stocks. The Nifty50 index declined 0.3% and closed near its day's low at 16,240.
The Nifty50’s options contracts expiring on May 26 have sizable positions at 17,000 and 17,500 call options and 16,000 and 16,500 put options.
The Nifty50’s options contracts expiring on May 12 have sizable positions at 16,500 and 16,400 call options and 16,000 and 16,200 put options.
As per options data, the broad range for the Nifty50 is between 15,600 and 17,500 levels. Its immediate support is at 16,000 and resistance is at 16,700 levels.
Bank Nifty
The Bank Nifty bucked the market trend and closed the day higher, led by gains in heavyweights like Kotak Mahindra Bank and HDFC Bank. However, with seven out of its 12 stocks closing lower, the index's breadth was skewed in favour of bears. The Bank Nifty jumped 207 points and ended the day at 34,482.
The Bank Nifty’s options contracts expiring on May 26 have sizable positions at 36,000 and 39,000 call options and 34,000 and 33,000 put options.
The Bank Nifty’s options contracts expiring on May 12 have sizable positions at 36,000 and 35,000 call options and 34,000 and 34,500 put options.
As per the options data, the broad range for the Bank Nifty is between 33,000 and 35,800 levels. Its immediate support is at 33,800 and resistance is at 35,000 levels.
Stock Action
Today’s top gainers were GNFC, PVR, Hindustan Unilever, Asian Paints and Apollo Tyres.
Today's top losers were Coal India, Jindal Steel and Power, Tata Steel, ONGC and Intellect Design.
Sector Update
Among the major sectoral indices, Banking and FMCG witnessed buying interest. Stocks like IndusInd bank, Kotak Mahindra Bank, HDFC Bank, HUL and Marico closed in green.
The Metal and Realty sectors came under selling pressure. Stocks like Tata Steel, NALCO, Jindal Steel and Power, Oberoi Realty and DLF ended in the red.
Major News
The Indian economy is facing high underlying inflation and needs further policy tightening, according to a note by research agency Nomura. The report states that only four nations in Asia feature in this basket of “hot” economies where the inflation rate is at the higher end of the spectrum. These include India, Singapore, South Korea and Taiwan.
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