Index Action
Nifty50
After a weak first half, the Nifty50 rebounded more than 200 points from the day’s low and ended comfortably in the green. Gains in oil & gas and metal stocks pushed the index higher, while IT and pharma stocks continued to lag. The Nifty50 advanced 69 points to 17,222.
The Nifty50’s monthly options expiring on March 31 have sizable positions at 17,500 and 17,200 call options and 17,000 and 17,200 put options.
As per options data, the broad range for the Nifty50 is between 16,300 and 17,800 levels. Its immediate support is at 16,800 and resistance is at 17,500 levels.
Bank Nifty
The Bank Nifty took support near 35,000 levels and swung into positive territory in the afternoon session. A sharp turnaround in private and PSU banks stocks pushed the Bank Nifty 300 points higher to 35,710.
The Bank Nifty’s monthly options expiring on March 31 have sizable positions at 36,000 and 36,500 call options and 35,000 and 35,500 put options.
As per options data, the broad range for the Bank Nifty is between 34,300 and 37,800 levels. Its immediate support is at 34,900 and resistance is at 36,400 levels.
Stock Action
Top gainers: GNFC, Atul Ltd, PVR, Bharti Airtel and Indus Towers.
Top losers: ConCor, Max Financial, Polycab, BHEL and FSL.
Sector Update
Among sectors, the Metal and Oil & Gas were the top gainers. Stocks like Coal India, NMDC, Adani Enterprises, GAIL and Reliance Industries closed in green.
The IT and Pharma sectors were the top losers. Stocks like Coforge, LTI, HCL Tech, Glenmark Pharma and Granules closed in red.
Major News
Junior oil minister Rameswar Teli said that the Government is not considering buying oil from Russia in rupees. The minister added that the oil public sector undertakings neither have any contract nor is any such proposal under consideration from Russia or any other country for the purchase of oil in Indian rupees.