Index Action
Nifty50
Nifty50 saw yet another session of high volatility where it took support at 18,100 levels and closed near its day’s highs. Nifty50 closed 143 points higher at 18,268 levels.
Monthly options expiring on October 28 have seen further additions to their sizable base at 18,300 and 18,500 call options and 18,200 and 18,000 put options. Further additions were seen at 18,500 call options and 18,200 put options.
The broad range for Nifty50, as per options data, is 17,500 and 18,800 levels and its immediate support at 18,000 and resistance at 18,400 levels.
Bank Nifty
Bank Nifty staged a smart recovery in the second half as it bounced more than 500 points from the day's lows of 40,829. Bank Nifty closed 45 points higher at 41,238 levels.
Monthly options for the October series have sizable positions at 41,500 and 42,000 call options and 41,000 and 40,000 put options. Further additions were seen at 41,500 call options and 41,000 put options.
The broad range for Bank Nifty, as per the options data, has shifted to 39,500 and 42,000. Immediate support is at 40,500 and resistance is at 41,700 levels.
Stock Action
Today’s Top Gainers were Ramco Cements, IDFC First Bank, Dixon Technologies, Metropolis and Tata Power.
Today's Top Losers were Torrent Pharma, Canara Bank, Syngene, Indus Towers and Bandhan Bank.
Sector Update
Realty and Metal sectors with buying interest have emerged as the leading sectors today. Stocks like DLF, Oberoi Realty, Godrej Properties, Jindal Steel and Power and Tata Steel closed in the green.
Among major indices, Private banks closed marginally in the red with stocks like IndusInd Bank, Bandhan Bank, ICICI Bank and Federal Bank closing lower.
Major News
As an indication of the growing shift to electric vehicles, Hertz, a leading car rental company placed an order of 1 lakh Tesla cars. This is an encouraging sign for Indian car makers and equipment manufacturers that are building a strong presence in the electric vehicles space.
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