Index Action
Nifty50
Nifty50 gathered further momentum in the second half of the day and closed near the highs of the day. It closed 131 points higher at 17,822.
For October series monthly options, 18,000 and 18,500 call options continue to maintain significant bases. For put options, 17,500 and 17,000 strikes hold significant bases. 17,800 call options and 17,600 put options saw further additions today.
Weekly options expiring on October 7, now have significant bases in 17,800 and 17,700 call options. For put options, 17,700 and 17,600 hold substantial bases.
Weekly options data indicates Nifty50 has support at 17,600 and resistance at 18,000 levels.
Bank Nifty
Bank Nifty closed 161 points higher at 37,741 levels.
Bank Nifty October series monthly call options have a substantial base at 38,000 and 38,500 strikes. Monthly put options have substantial bases at 37,500 and 37,000 strikes. Unwinding was seen at 38,000 strikes for both call and put options.
October 7 weekly options show a substantial base at 37,500 and 38,000 strikes. Weekly put options show a substantial base at 37,500 and 37,000 strikes.
Bank Nifty closed comfortably above its support level of 37,500. The immediate resistance, as per options data, is at 38,000 levels.
Global Markets Update
Major European indices are trading positive in the range of 0.4% to 0.8%. Dow Futures has gained further momentum and is trading 120 points higher.
Stock Action
Todays’ Top Gainers were ONGC, Tata Power, ABFRL, Indusind Bank and Piramal Enterprises.
Today’s Top Losers were India Cements, Oberoi Realty, Dalmia Bharat, Nalco and Bharat Forge.
Major News
Telecom stocks witnessed buying today on reports that the government is considering settling legal cases with the telecom companies outside of court. This is a positive for the telcos as it reduces their litigation burden and hints at the next set of reforms of the sector.
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