Index Action
Nifty50
Amid weak global cues, the Nifty50 extended its losses and closed lower for the second straight session. However, with the recovery in IT and auto stocks, the index pared its morning losses and came off the day's low. Dragged by index heavyweight Reliance Industries along with FMCG and metal stocks, the Nifty50 ended the day 109 points lower at 16, 301.
The Nifty50’s options contracts expiring on May 26 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 16,500 and 16,700 call options and 16,000 and 16,200 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 recovered from its opening low of 33,927 and climbed more than 600 points to reclaim the 34,500-mark. However, the selling pressure at higher levels dragged the index lower, and it ended the session 315 points lower at 34,275. Except Federal Bank and HDFC Bank, all the other ten stocks of the Bank Nifty closed lower.
The Bank Nifty’s options contracts expiring on May 26 have sizable positions at 36,000 and 39,000 call options and 34,000 and 33,000 put options.
The Bank Nifty’s options contracts expiring on May 12 have sizable positions at 36,000 and 35,000 call options and 34,000 and 33,000 put options.
As per the options data, the broad range for the Bank Nifty is between 33,000 and 35,800 levels. Its immediate support is at 33,800 and resistance is at 35,000 levels.
Stock Action
Today’s top gainers were Indus Towers, HCL Tech, Power Grid, Federal Bank and Infosys.
Today's top losers were Hindustan Copper, Canara Bank, Tata Power, Can Fin Homes and GNFC.
Sector Update
Among the major sectoral indices, the IT sector witnessed buying interest. Stocks like HCL Technologies, Infosys, L & T Technology Services and TCS closed in green.
The Media, Oil & Gas and Metal sectors came under selling pressure today. Stocks like Zee Entertainment, Reliance Industries, GAIL, Hindustan Copper and NALCO closed in the red.
Major News
As per Monster Employment Index (MEI), the Indian job market saw a 15% year-on-year growth and 4% month-on-month growth in April. Sectors such as production and manufacturing, travel and tourism and import and export bounced back in terms of hiring, says MEI.
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