Index Action
Nifty50
The Nifty50 fell for the third straight session, dragged by IT, metal and realty stocks. However, it managed to close above the psychological support of 16,000 and ended the day at 16,025, down 0.6%.
The Nifty50’s options contracts expiring on 26 May have sizable positions at 16,200 and 16,400 call options and 16,000 and 15,800 put options.
As per options data, the broad range for the Nifty50 is between 15,500 and 16,800 levels. Its immediate support is at 15,800 and resistance is at 16,300 levels.
Bank Nifty
Despite broader weakness, the Bank Nifty closed in the green for the second consecutive day. Among stocks, Kotak Mahindra Bank and HDFC Bank gained over 1%, while IDFC First Bank and AU Small Finance Bank fell over 2%. The Bank Nifty advanced 0.1% or 49 points and closed the day at 34,339.
The Bank Nifty’s options contracts expiring on 26 May have sizable positions at 35,000 and 34,500 call options and 34,000 and 33,000 put options.
As per the options data, the broad range for the Bank Nifty is between 33,000 and 35,500 levels. Its immediate support is at 33,900 and resistance is at 35,000 levels.
Stock action
Today’s top gainers were CONCOR, ICICI Lombard, Balkrishna Industries, NTPC and HDFC Life.
Today's top losers were Chambal Fertilisers, Granules, Delta Corp, Balrampur Chini and Asian Paints.
Sector update
Among major sectoral indices, Financial Services was the top gainer. Stocks like ICICI Lombard, HDFC Life and SBI Life ended in the green.
The IT and Realty sectors were the top losers. Stocks like Coforge, Mphasis, Mindtree, DLF and Godrej Properties ended in the red.
Major news
As per reports, the government has approved the sale of its remaining 29.5% stake in Hindustan Zinc. Earlier in 2022, the government offloaded its 26% stake in the company, which was bought by Vedanta Group. The mining giant further increased its stake in the company to take its holding to 64.92%. Against this backdrop, shares of Hindustan Zinc closed 4% higher.
Important announcement
As a part of its periodic review, the NSE has revised the lot size of 54 contracts that will come into effect from July expiry onwards. Click here to read the detailed list of updated lot sizes.
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