Index Action
Nifty50
The Nifty50 gave up early gains and extended the losing streak to a fourth straight session. The index was dragged down by IT, auto and FMCG stocks. However, gains in realty and banking stocks cushioned the fall. Also, the Nifty50 briefly dipped below the 16,000-mark but ended the day with a loss of 73 points at 16,167. For further cues, the investors will shift focus to U.S. inflation data for April, which will be released later today.
The Nifty50’s options contracts expiring on 26 May 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 12 May 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 15,500 and 17,500 levels. Its immediate support is at 15,900 and resistance is at 16,700 levels.
Bank Nifty
The Bank Nifty bucked the broader selling pressure for the second day in a row and closed 0.5% higher. Led by gains in Axis Bank, IndusInd Bank and Kotak Mahindra Bank, the index witnessed a smart recovery of 600 points from its intraday low and closed 210 points higher at 34,693.
The Bank Nifty’s options contracts expiring on 26 May 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 12 May have sizable positions at 35,000 and 35,500 call options and 34,500 and 34,000 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 34,000 and resistance is at 35,200 levels.
Stock Action
Today’s top gainers were Gujarat Gas, SRF, CG Consumer, Navin Fluorine and Gujarat State Petronet.
Today's top losers were Indiabulls Housing Finance, GNFC, Dixon Technologies, Motherson Sumi and Chambal Fertilisers.
Sector Update
Among the major sectoral indices, Realty and Banking witnessed buying interest. Stocks like Godrej Properties, DLF, Oberoi Realty, Axis Bank, IndusInd Bank closed in the green.
The IT and Auto sectors came under selling pressure. Stocks like L & T Technology, L & T Infotech, Infosys, Mindtree, Ashok Leyland, Maruti Suzuki and Eicher Motors closed in the red.