Index Action
Nifty50
The Nifty50 extended its opening gains and ended higher for the second straight session. The broad-based rally was led by metal, Oil & Gas and IT stocks. Barring Tata Consumer, all the 49 stocks of the index ended in the green. The Nity50 surged 417 points to close at 16,259.
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 16,200 and 16,500 call options and 16,000 and 15,800 put options.
As per options data, the broad range for the Nifty50 is between 15,200 and 16,800 levels. Its immediate support is at 15,900 and resistance is at 16,500 levels.
Bank Nifty
After an initial blip, the Bank Nifty made a swift recovery and stayed strong throughout the day. Led by gains in SBI and ICICI Bank, the Bank Nifty rose 704 points and closed at 34,301.
The Bank Nifty’s options contracts expiring on 26 May have sizable positions at 36,000 and 35,000 call options and 33,000 and 32,000 put options.
The Bank Nifty’s options contracts expiring on 19 May have sizable positions at 34,500 and 35,500 call options and 34,000 and 33,000 put options.
As per the options data, the broad range for the Bank Nifty is between 32,800 and 35,500 levels. Its immediate support is at 33,700 and resistance is at 34,800 levels.
Stock Action
Today’s top gainers were Vedanta, Intellect Design, Hindustan Copper, Hindalco and L & T Technology Services.
Today's top losers were Aurobindo Pharma, Dalmia Bharat, Escorts, Zydus Lifesciences and Dr. Lal Pathlabs.
Sector Update
All the major sectoral indices closed in green, with Metal, Oil & Gas and IT sectors being the top gainers. Stocks like Vedanta, Hindalco, Oil India, ONGC and L & T Technology Services ended in the green.
Major News
India's steel demand is set to grow by nearly 10% through 2022 with the government's continued focus on constructing roads, railways, ports and airports, according to Moody's investors service.
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