Index Action
Nifty50: Nifty50 witnessed a day of strong selling pressure today. It recovered nearly 140 points from the day’s low but was again met with selling at higher levels. It closed 133 points lower at 17,764.
Nifty50 options expiring on November 25 have sizable positions at 18,000 and 18,600 call options and 17,500 and 17,400 put options. Further additions were seen at 17,900 call options and 17,400 put options.
The broad range for Nifty50, as per options data, is 17,000 and 18,700 levels and its immediate support is at 17,500 and resistance is at 18,200 levels.
Bank Nifty: Bank Nifty closed in the red, just below the 38,000 mark. It closed 65 points lower at 37,976. Bank Nifty managed to halt its underperformance against the broader markets, as it fell 0.17% vis à vis the 0.75% fall in the Nifty50.
Bank Nifty options expiring on November 25 have sizable positions at 38,000 and 38,500 call options and 38,000 and 37,000 put options.
The broad range for Bank Nifty, as per the options data, is between 37,100 and 39,200. Immediate support is at 37,500 and resistance is at 38,700 levels.
Stock Action
Today’s top gainers were Escorts, Chambal Fertilisers, PNB, SRF and Dalmia Bharat.
Today's top losers were Vedanta, Bosch, Tata Power, GSPL and Coforge.
Sector Update
PSU Banks saw marginal buying interest today with stocks like PNB and SBI closing the green.
The Auto and Metal sectors, followed by the Media, saw selling pressure today. Stocks like Bosch, Ashok Leyland, Vedanta, NALCO and Sun TV closed in the red.
Major News: Automotive retail sales saw a decline during the 42-day festive period. The Federation of Automobile Dealer’s Association (FADA) called it “the worst season in a decade”. Semiconductor shortage, lack of demand and triple-digit fuel prices were some of the major reasons attributed to the slump in sales.