Nifty50
The Nifty50 index started the session on a stronger note and inched closer to the 16,000-mark. However, the selling pressure at higher levels dragged it nearly 300 points lower from its intraday high. Metals and financial stocks dragged the index lower, while auto and FMCG stocks cushioned the fall. The Nifty50 closed lower for the sixth consecutive day and fell 25 points to 15,782.
The Nifty50’s options contracts expiring on 26 May have sizable positions at 17,000 and 16,500 call options and 16,000 and 15,500 put options.
The Nifty50’s options contracts expiring on 19 May have sizable positions at 16,000 and 16,500 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 fell nearly 1,000 points from its high of 34,002 as the index heavyweight SBI plunged more than 3% today. India's largest lender's Q4 results missed the street estimates. The PSU bank index ended flat, while the private bank index dropped 0.8%. At close, the Bank Nifty declined 410 points and ended the day at 33,121.
The Bank Nifty’s options contracts expiring on 26 May have sizable positions at 36,000 and 35,000 call options and 32,000 and 33,000 put options.
The Bank Nifty’s options contracts expiring on 19 May have sizable positions at 34,000 and 35,000 call options and 32,500 and 32,000 put options.
As per the options data, the broad range for the Bank Nifty is between 32,000 and 34,400 levels. Its immediate support is at 32,800 and resistance is at 34,000 levels.
Stock Action
Today’s top gainers were RBL Bank, MRF, Tata Motors, Indraprastha Gas and TVS Motors.
Today's top losers were GNFC, Indus Towers, Honeywell Automation, OFSS and Vedanta.
Sector Update
The Auto and FMCG sectors witnessed buying interest today. Stocks like Tata Motors, MRF, TVS Motors, ITC and Nestle ended in the green.
The Metal and Financial Services sectors came under selling pressure today. Stocks like Vedanta, Hindalco, JSW Steel, HDFC AMC and SBI Cards closed in red.
Major News
India’s merchandise exports jumped 30.7% year-on-year to $40.19 billion in April, aided by strong growth in sectors like petroleum products, electronic goods and chemicals. However, the trade deficit widened to $20.11 billion compared to $15.29 billion in April 2021.
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