Nifty50
Nifty50 saw its fourth consecutive negative closing today with an intensified selling in the second half of the day. Nifty50 respected the support levels of 17,600 and closed at 17,618 down by 93 points.
The October series monthly call options have the highest base at 18,000 followed by 18,500. Put options have the highest base at 17,000 and 17,500 strikes. This sets a broad range for Nifty50 at 17,000 and 18,500 levels.
PCR-OI data shows that immediate support and resistance levels for Nifty50 are 17,400 and 18,100.
Bank Nifty
The dullness in Bank Nifty continued with the selling pressure dragging it below 37,500 levels today. It closed in the red down by 317 points at 37,425.
For the October series monthly options, the highest call option base is at 38,000 and 38,500 strikes. For put options, the highest base is now at 36,000 and 37,000 strikes. This shows the broad range for Bank Nifty to be at 36,000 and 38,500 levels.
PCR-OI data indicates immediate support and resistance at 37,000 and 37,800 respectively.
Global Markets Update
Major European markets opened positive and have slipped in trade and are trading flat, in the range of -0.3% to 0.2% Dow Futures, which was up nearly 300 points at one point, too has slipped and is now trading 150 points higher.
Stock Action
Todays’ Top Gainers were ABFRL, CanFin Homes, Vodafone Idea, Tata Power and Dixon Technology.
Today’s Top Losers were Indus Tower, REC, Torrent Pharma, Eicher Motors, Power Grid and Torrent Power.
Major News
Indian Meteorological Department (IMD) said that the rainfall deficit for the year was only 1%. Higher than normal rainfall received in September helped in narrowing the deficit which was nearly 9% before the start of the month. Monsoon rains are likely to recede starting October 6, the IMD said.