Index Action
Nifty50
The Nifty50 traded firmly in the green for the third consecutive day, aided by financials, auto and IT stocks. The index tested the 17,500 mark on an intraday basis but couldn't sustain at higher levels. It ended the day 172 points higher at 17,498.
The Nifty50’s monthly options expiring on March 31 have sizable positions at 17,500 and 17,600 call options and 17,500 and 17,200 put options.
As per options data, the broad range for the Nifty50 is between 16,600 and 18,200 levels. Its immediate support is at 17,200 and resistance is at 17,700 levels.
Bank Nifty
The Bank Nifty opened higher and closed on a positive note on Wednesday. With index heavyweights like HDFC and ICICI Bank surging in the range of 1.5 to 2%, the Bank Nifty climbed 486 points to 36,334.
The Bank Nifty’s monthly options expiring on March 31 have sizable positions at 37,000 and 36,500 call options and 36,000 and 35,000 put options.
As per options data, the broad range for the Bank Nifty is between 34,900 and 37,800 levels. Its immediate support is at 35,700 and resistance is at 37,000 levels.
Stock Action
Top gainers: Godrej Consumer, LTI, Dalmia Bharat, Ramco Cements, and ICICI Lombard.
Top losers: ONGC, Hindalco, JSW Steel, NALCO and Jindal Steel and Power.
Sector Update
Among sectors, Media and Financial Services witnessed buying interest. Stocks like Zee Entertainment, Sun TV, PVR, HDFC Life and Bajaj Finserv closed in green.
The Metal and Oil & Gas sectors came under selling pressure. Stocks like Hindalco, JSW Steel, ONGC, Oil India and HPCL closed in red.
Major News
Research agency India Ratings has revised India's GDP growth for FY23 to 7-7.2% from its earlier estimate of 7.6%.