Index Action
Nifty50
The Nifty50 went into a tailspin and fell more than 200 points towards the fag-end of the trade. The broad-based sell-off across sectors was led by media and oil & gas indices which declined over 2%. As a result, the Nifty50 erased all its intraday gains and closed 142 points lower at 17,102.
The Nifty50’s options contracts expiring on May 26 are scattered and have sizable positions at 18,000 and 17,500 call options and 16,000 and 16,500 put options.
The Nifty50’s options contracts expiring on May 5 have sizable positions at 17,300 and 18,000 call options and 17,000 and 17,100 put options.
As per options data, the broad range for the Nifty50 is between 16,300 and 18,000 levels. Its immediate support is at 16,800 and resistance is at 17,500 levels.
Bank Nifty
The Bank Nifty came under heavy selling pressure and declined more than 500 points in the last 2 hours of trade. However, it recovered some of its losses and managed to close above the 36,000 mark. Losses in index heavyweights SBI and Axis Bank dragged the index lower, and it fell 334 points to close at 36,088.
The Bank Nifty’s options contracts expiring on May 26 are scattered and have sizable positions at 38,000 and 39,000 call options and 36,000 and 35,000 put options.
The Bank Nifty’s options contracts expiring on May 5 have sizable positions at 37,000 and 36,500 call options and 36,000 and 35,500 put options.
As per the options data, the broad range for the Bank Nifty is between 34,800 and 37,500 levels. Its immediate support is at 35,500 and resistance is at 36,900 levels.
Stock Action
Today’s top gainers were Shriram Transport Finance, Indian Hotels, MCX India, Coforge and Deepak Nitrite.
Today's top losers were Gujarat Gas, Indraprastha Gas, Mahanagar Gas, Can Fin Homes and Axis Bank.
Sector Update
All the Nifty sectoral indices closed in the red, with Media and Oil & Gas being the top losers. Stocks like Sun TV, Zee Entertainment, MGL, IGL and Gujrat Gas ended in the red.