Index Action
Nifty50
The Nifty50 Index snapped its two-day winning streak and ended the volatile session lower. Following the gap-down opening, the markets tried to stage a recovery in the morning session. However, they eventually succumbed to the selling pressure and ended in the red. The Nifty50 Index was down 220 points today and closed at 17,171.
The Nifty50’s monthly options expiring on April 28 have sizable positions at 17,500 and 17,400 call options and 17,000 and 17,200 put options.
As per options data, the broad range for Nifty50 is between 16,300 and 18,200 levels. Its immediate support is at 16,800 and resistance is at 17,600 levels.
Bank Nifty
The Bank Nifty Index also came under selling pressure and failed to hold the 36,000 mark. Both PSU bank and private bank index fell almost 2%, dragged by SBI, Kotak Mahindra Bank and ICICI Bank. The Bank Nifty declined 770 points today and closed at 36,044.
The Bank Nifty’s monthly options expiring on April 28 have sizable positions at 36,500 and 37,000 call options and 36,000 and 35,000 put options.
As per the options data, the broad range for the Bank Nifty is between 35,100 and 37,700 levels. Its immediate support is at 35,700 and resistance is at 36,900 levels.
Stock Action
Today’s top gainers were UBL, Colgate-Palmolive, Mindtree, Adani Ports and SBI Cards.
Today's top losers were Polycab, ICICI Lombard, Hindalco, Hindustan Copper and Lupin.
Sector Update
All the Nifty sectoral indices closed in red, with Nifty Bank and Metal being the top losers. Stocks like AU Small Finance Bank, SBI, IndusInd Bank, Hindalco and Hindustan Copper closed in the red.
Major News
India and the UK signed a new defence agreement and will look to finalise the free-trade agreement (FTA) by this year. In their wide-ranging discussions, Prime Minister Narendra Modi and British Prime Minister Boris Johnson vowed to give fresh momentum to overall ties.