Index Action
Nifty50
After a gap-down opening, the Nifty50 recovered nearly 175 points from its low and recouped most losses. Gains in metal, FMCG and financial stocks were offset by the losses in the IT and auto stocks. The Nifty50 ended the session marginally lower at 17,069, down by 33 points.
The Nifty50’s options contracts expiring on May 26 are scattered and have sizable positions at 18,000 and 17,500 call options and 16,000 and 16,500 put options.
The Nifty50’s options contracts expiring on May 5 have sizable positions at 17,500 and 17,300 call options and 17,000 and 16,900 put options.
As per options data, the broad range for the Nifty50 is between 16,200 and 17,900 levels. Its immediate support is at 16,800 and resistance is at 17,400 levels.
Bank Nifty
The Bank Nifty outperformed the Nifty50 Index and managed to hold its opening gains. In a sharp reversal, it bounced 600 points from its intraday low and hit a high of 36,245. However, with nine out of 12 bank stocks closing lower, its breadth remained negative. The Bank Nifty closed the volatile session 75 points higher at 36,163.
The Bank Nifty’s options contracts expiring on May 26 are scattered and have sizable positions at 38,000 and 39,000 call options and 36,000 and 35,000 put options.
The Bank Nifty’s options contracts expiring on May 5 have sizable positions at 37,000 and 36,500 call options and 36,000 and 35,500 put options.
As per the options data, the broad range for the Bank Nifty is between 34,900 and 37,500 levels. Its immediate support is at 35,400 and resistance is at 36,800 levels.
Stock Action
Today’s top gainers were Tata Chemicals, Can Fin Homes, IndusInd Bank, Zee Entertainment and Gujarat Gas.
Today's top losers were Dixon Technologies, Dr. Lal Pathlabs, Aarti Industries, Astral and Persistent.
Sector Update
The Metal and Media indices were the top gainers. Stocks like Tata Steel, NALCO, JSW Steel and Zee Entertainment closed in green.
The IT and Auto indices came under selling pressure. Stocks like Mphasis, L & T Technology Services, Wipro, Escorts and Eicher Motors closed in the red.
Major News
The S&P Global India Manufacturing Purchase Managers' Index(PMI) rose to 54.7 in April from 54 in March. The growth in the manufacturing activity was led by a quicker increase in production as well as factory orders and renewed expansion in international sales.