Index Action
Nifty50
The Nifty50 gained momentum in the second half and made a high of 17,703. Barring Pharma, all the major sectoral indices closed in green, with Realty and Oil & Gas taking the lead. The Nifty50 surged 205 points on the first day of FY23 to 17,670.
The Nifty50’s monthly options expiring on April 28 are scattered and have sizable positions at 17,500 and 19,000 call options and 17,500 and 17,000 put options.
The Nifty50’s weekly options expiring on April 7 have sizable positions at 18,000 and 17,600 call options and 17,500 and 17,400 put options.
As per options data, the broad range for the Nifty50 is between 16,600 and 18,800 levels. Its immediate support is at 17,300 and resistance is at 18,000 levels.
Bank Nifty
The Bank Nifty reclaimed the 37,000 mark and outperformed the Nifty50 by 1%. With a one way rally in both PSU (+4%) and Private Bank (2.2%) indexes, the Bank Nifty rose 774 points to 37,148.
The Bank Nifty’s monthly options expiring on April 28 are scattered and have sizable positions at 36,000 and 38,000 call options and 36,000 and 35,000 put options.
The Bank Nifty50’s weekly options expiring on April 7 have sizable positions at 37,000 and 38,000 call options and 36,500 and 36,000 put options.
As per options data, the broad range for the Bank Nifty is between 35,400 and 38,600 levels. Its immediate support is at 36,200 and resistance is at 37,900 levels.
Stock Action
Top gainers: BHEL, Manappuram Finance, Indiabulls Housing Finance, HDFC AMC and NTPC.
Top losers: Atul Ltd, Intellect Design, Nippon, Hero MotoCorp and SRF.
Sector Update
Among sectors, Realty and Oil & Gas indices witnessed buying interest. Stocks like Oberoi Realty, DLF, Godrej Properties, BPCL and GAIL closed in green.
The Pharma sector came under selling pressure. Stocks like Ipca Labs, Alkem Labs and Sun Pharma closed in red.
Major News
As per government reports, India’s electricity generation in March rose at the fastest pace in three months. An increase in the use of air-conditioning and return of employees to offices resulted in a nearly 6% jump in output.
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