Index Action
Nifty50
After a gap-down start, the Nifty 50 remained range-bound on Friday and managed to close above the crucial support level of 16,400. It plunged 271 points to 16,411 and ended the session with a loss of 1.6%. All the major sectoral indices closed in red, with Realty, IT and Financials being the biggest drags.
The Nifty50’s options contracts expiring on May 26 are scattered and have sizable positions at 17,000 and 17,500 call options and 16,000 and 16,500 put options.
The Nifty50’s options contracts expiring on May 12 have sizable positions at 16,700 and 16,800 call options and 16,000 and 16,400 put options.
As per options data, the broad range for the Nifty50 is between 15,700 and 17,500 levels. Its immediate support is at 16,100 and resistance is at 16,700 levels.
Bank Nifty
The Bank Nifty ended the session 1.8% lower but held onto the 34,500-mark at the close. Barring SBI, all other 11 stocks of the index closed in red, with Axis Bank and Federal Bank losing the most. The Bank Nifty tumbled to a low of 34,353 and finally ended the day 641 lower at 34,591.
The Bank Nifty’s options contracts expiring on May 26 are scattered and have sizable positions at 39,000 and 36,000 call options and 33,000 and 34,000 put options.
The Bank Nifty’s options contracts expiring on May 12 have sizable positions at 36,000 and 36,500 call options and 34,500 and 34,000 put options.
As per the options data, the broad range for the Bank Nifty is between 33,200 and 35,800 levels. Its immediate support is at 34,000 and resistance is at 35,200 levels.
Stock Action
Today’s top gainers were Hero MotoCorp, Tech Mahindra, Shriram Transport Finance, Tata Communications and Power Grid.
Today's top losers were Vedanta, Chola Investment, Voltas, Coforge and Torrent Power.
Sector Update
All the major sectoral indices closed in red, with Realty, IT and Financial Services being the top losers. Stocks like Godrej Properties, DLF, Coforge, Mindtree and Chola Investment ended in the red.
Major News
Union minister Piyush Goyal said that all the key indicators, such as jump in exports and a high GST collection in April, suggest that the Indian economy is on the growth path. He said that the GST collection in April touched the highest ever level of 1.68 lakh crore, while goods and services exports have touched USD 675 billion in 2021-22.