Index Action
Nifty50
A sharp uptick in HDFC twins and broad-based rally across all sectors helped the Nifty50 reclaim the 18,000 mark. Out of the Nifty50 pack, 47 stocks closed higher, led by gains in Banking, Metal and Pharma sectors. The Nifty50 surged 382 points to 18,053.
The Nifty50’s monthly options expiring on April 28 are scattered and have sizable positions at 18,000 and 19,000 call options and 18,000 and 17,500 put options.
The Nifty50’s weekly options expiring on April 7 have sizable positions at 18,500 and 18,000 call options and 17,500 and 18,000 put options.
As per options data, the broad range for the Nifty50 is between 17,000 and 18,900 levels. Its immediate support is at 17,600 and resistance is at 18,400 levels.
Bank Nifty
The Bank Nifty registered gains of 4% and was among the top-performing sectors of the day. Led by gains in HDFC Bank and Kotak Mahindra Bank, it reclaimed the 38,600 mark. With 11 out of 12 bank stocks closing in green, the Bank Nifty soared 1,486 points to 38,635.
The Bank Nifty’s monthly options expiring on April 28 are scattered and have sizable positions at 39,000 and 40,000 call options and 37,000 and 36,000 put options.
The Bank Nifty’s monthly options expiring on April 7 have sizable positions at 39,000 and 38,500 call options and 38,000 and 37,000 put options.
As per options data, the broad range for the Bank Nifty is between 37,200 and 39,600 levels. Its immediate support is at 38,000 and resistance is at 39,300 levels.
Stock Action
Top gainers: HDFC Bank, HDFC, Indiamart, Chambal Fertilisers, Metropolis and Dr. Lal Pathlabs.
Top losers: Zydus Lifesciences, Chola Investments, Mphasis, Infosys and Indian Hotels.
Sector Update
All major sectoral indices closed in green, with Banking and Metal indices being the top gainers. Stocks like HDFC Bank, IDFC First Bank, Kotak Mahindra Bank, SAIL and Vedanta closed in the green.
Major News
According to data from Allsec Technologies, the job market witnessed a sharp rebound in March as payroll headcount grew 18.4% year-on-year with the removal of Covid restrictions and a pick-up in economic activity.