Index Action
Nifty50
The Nifty50 recovered all of yesterday’s losses and came within striking distance of the 16,300-mark, aided by strong gains in Reliance Industries, metals and realty stocks. On Friday, the Nifty50 ended the session near day’s high at 16,266, up 2.8%.
The Nifty50’s options contracts expiring on 26 May have sizable positions at 16,300 and 17,000 call options and 16,000 and 15,800 put options.
As per options data, the broad range for the Nifty50 is between 15,500 and 16,900 levels. Its immediate support is at 15,900 and resistance is at 16,400 levels.
Bank Nifty
The Bank Nifty rose nearly 3% and closed comfortably above the 34,200-mark. The PSU bank index rose 3%, while the private bank index jumped 2.7%. On Friday, the Bank Nifty jumped 960 points and closed at 34,276.
The Bank Nifty’s options contracts expiring on 26 May have sizable positions at 35,000 and 36,000 call options and 34,000 and 33,000 put options.
As per the options data, the broad range for the Bank Nifty is between 33,000 and 35,500 levels. Its immediate support is at 33,700 and resistance is at 34,900 levels.
Stock Action
Today’s top gainers were Granules, BHEL, Sun TV, Dr. Reddy’s and Ashok Leyland.
Today's top losers were CONCOR, Godrej Consumer, PI Industries, Honeywell Automation and Zydus Lifesciences.
Sector Update
All the major sectoral indices closed in the green, with Media, Realty and Metal being the top gainers. Stocks like Sun TV, DLF, Godrej Properties, Hindustan Copper and NALCO closed in the green.
Major News
Brent crude hit $111 per barrel on hopes of demand revival in China as the country relaxed some of its covid restrictions.