Nifty50
With closing in red today, Nifty50 failed to register a closing in the green for all 5 days of this week. It recovered from the day’s lows of 17,452 but constant selling pressure through the day saw it closing down by 86 points at 17,532.
The October series monthly call options data shows the highest base at 18,000 and 18,500 strikes. 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 17,800.
Bank Nifty
Bank Nifty had a gap down opening and traded under pressure all day. It closed 199 points down at 37,225 levels as it managed to close above the important levels of 37,000.
The October series monthly options show that the highest call option base remains at 38,000 and 38,500 strikes. For put options, the highest base remains at 36,000 and 37,000 strikes.
PCR-OI data indicates immediate support and resistance at 37,000 and 37,700 respectively.
Global Markets Update
Major European markets opened negative and have recovered marginally. They are still trading down by 0.75%. Dow Futures, which was up nearly 270 points during the day, has also recovered from the day’s lows but it is still trading 180 points lower.
Stock Action
Todays’ Top Gainers were Abbott India, Delta Corp, Manappuram Fin, Dixon Technologies and GMR Infra.
Today’s Top Losers were Cummins, Oberoi Realty, Vodafone Idea, IEX and Gujarat Gas.
Major News
September Auto sales numbers announced today were lower than expectations. Maruti saw one of the biggest declines with a year-on-year decline of 44%. Ashok Leyland, Escorts and Bajaj Auto too saw a decline in the year-on-year sales numbers. Tata Motors was an exception to the pack as it saw a 28% rise in its year-on-year sales numbers.