Index Action
Nifty50
Amid weak global cues, the Nifty50 ended yet another volatile session lower and closed below the 17,000 mark. Except Nifty Bank, all major sectors ended in red, with Realty and Metal being the biggest losers. The Nifty50 ended 218 points lower at 16,953.
The Nifty50’s monthly options expiring on April 28 have sizable positions at 17,000 and 17,200 call options and 17,000 and 16,900 put options.
As per options data, the broad range for the Nifty50 is between 16,000 and 17,900 levels. Its immediate support is at 16,700 and resistance is at 17,300 levels.
Bank Nifty
Amid the overall market weakness, the Bank Nifty was also off to a negative start. However, it recouped its morning losses and reclaimed the 36,000 mark. With index heavyweights HDFC Bank and ICICI Bank closing in green, the Bank Nifty rose 37 points to 36,082.
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 34,900 and 37,500 levels. Its immediate support is at 35,500 and resistance is at 36,700 levels.
Stock Action
Today’s top gainers were AB Capital, Intellect Design, Gujarat Gas, Biocon and Bajaj Auto.
Today's top losers were Tata Communications, Balrampur Chini, Coal India, BPCL and Cummins India.
Sector Update
Except Nifty Bank, all other sectors closed in red. Stocks like Bandhan Bank, HDFC Bank, ICICI Bank and Kotak Mahindra ended in green.
The Realty and Metal sectors came under heavy selling pressure. Stocks like DLF, Godrej Properties, NALCO, SAIL and Tata Steel closed in the red.
Major News
On the back of strong demand, the rating agency India Ratings and Research (Ind-Ra) expects housing sales to rise 12% year-on-year in 2022-23.
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