Index Action
Nifty50
The Nifty50 closed lower for the fifth consecutive day and hit a low of 15,735. All the key indices closed in the negative zone, with Metal and PSU Bank cracking more than 3%. Today, the Nifty50 tanked 359 points to 15,808.
The Nifty50’s options contracts expiring on 26 May have sizable positions at 17,000 and 16,000 call options and 15,000 and 15,500 put options.
The Nifty50’s options contracts expiring on 19 May have sizable positions at 16,000 and 16,200 call options and 15,800 and 15,500 put options.
As per options data, the broad range for the Nifty50 is between 15,100 and 16,800 levels. Its immediate support is at 15,500 and resistance is at 16,200 levels.
Bank Nifty
The Bank Nifty dropped 3.4% and underperformed the Nifty50 index by more than 1%. The PSU bank index came under heavy selling pressure and declined 5.4%, while the private bank index fell 3.5%. Today, the Bank Nifty slumped 1,161 points to end at 33,532.
The Bank Nifty’s options contracts expiring on 26 May have sizable positions at 36,000 and 34,000 call options and 33,000 and 32,000 put options.
The Bank Nifty’s options contracts expiring on 19 May have sizable positions at 35,000 and 34,000 call options and 32,500 and 33,000 put options.
As per the options data, the broad range for the Bank Nifty is between 32,200 and 34,800 levels. Its immediate support is at 33,000 and resistance is at 34,200 levels.
Stock Action
Today’s top gainers were Indiabulls Housing Finance, Gujarat Gas, Ambuja Cements, Chambal Fertilisers and Indian Oil Corporation.
Today's top losers were Punjab National Bank, Rain Industries, Vodafone-Idea, Adani Ports and Federal Bank.
Sector Update
All the major sectoral indices closed in the negative zone, with PSU Bank, Metal and Financial Services being the worst hit. Stocks like Tata Steel, Hindalco, Punjab National Bank, IndusInd Bank and Shriram Transport Finance closed in the red.
Major News
China's Communist Party has declared that the zero-Covid policy of preventing all infections takes priority over the economy. Experts believe that the decision has global implications and comes despite warnings from the WHO that the goal might be unattainable.
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