Index Action
Nifty50
After a gap-up opening, the Nifty50 zoomed to 17,400 and closed higher for the second consecutive session. Auto and banking stocks were among the top gainers, while Reliance Industries closed at a fresh 52-week high, taking the Nifty50 higher by 256 points to 17,392.
The Nifty50’s monthly options expiring on April 28 have sizable positions at 17,500 and 18,000 call options and 17,000 and 17,300 put options.
As per options data, the broad range for the Nifty50 is between 16,300 and 18,200 levels. Its immediate support is at 17,000 and resistance is at 17,700 levels.
Bank Nifty
The Bank Nifty spiked to 36,900 levels during the day and closed the session 1.4% higher. With the resurgence of investors' interest in HDFC Bank and other 11 bank stocks closing in green, the Bank Nifty soared 501 points to 36,816.
The Bank Nifty’s monthly options expiring on April 28 have sizable positions at 37,000 and 38,000 call options and 36,000 and 35,000 put options.
As per the options data, the broad range for the Bank Nifty is between 35,200 and 38,000 levels. Its immediate support is at 36,100 and resistance is at 37,400 levels.
Stock Action
Today’s top gainers were L&T Finance, Jubilant FoodWorks, Chambal Fertilisers, Biocon and Manappuram Finance.
Today's top losers were JSPL, Tata Communications, LTI, Zydus Lifesciences and Cummins.
Sector Update
The Auto and Financial Services indices were the top gainers. Stocks like Eicher Motors, Escorts, M&M, Bandhan Bank and Kotak Mahindra Bank closed in the green.
The Media sector came under selling pressure.
Major News
As per reports, the government will take a call on the launch of the LIC IPO within this week. The government has time till May 12 to launch the IPO without filing a fresh application with SEBI.