Index Action
Nifty50
With a positive closing of 104 points higher at 17,895 levels today, Nifty50 ended this week higher by about 2%.
Monthly options for the October series have sizable positions at 18,500 and 18,000 call options and 17,800 and 17,500 put options. Unwinding was seen at 18,000 call options and further additions at 17,800 put options.
Weekly options expiring on October 14 have sizable positions at 18,000 and 18,300 call options and 17,800 and 17,700 put options. Further additions were seen at 18,300 call and 17,800 put options.
Options data shows a broad range for Nifty50 at 17,500 and 18,300 levels and immediate support and resistance at 17,800 and 18,000 levels respectively.
Bank Nifty
Bank Nifty had a lacklustre day today. It slipped from the highs of 38,100 and traded a flat in the second half. It closed 22 points higher at 37,775. It ended the week about 1.5% higher.
Monthly options for the October series have sizable positions at 38,000 and 38,500 call options and 37,500 and 37,000 put options. Unwinding was seen at 38,000 call options and additions were seen at the 37,500 put options.
Weekly options expiring on October 14 saw further additions to their already sizable positions at 38,000 call options 37,500 put options.
Options data suggests a broad range for Bank Nifty at 37,000 and 38,500 levels and immediate support and resistance at 37,700 and 38,000 levels respectively.
Global Markets Update
Major European indices are trading flat to negative about 0.5% down. Dow Futures is trading marginally in the green, up by about 40 points.
Stock Action
Todays’ Top Gainers were IEX, Dixon Technologies, Indiamart, Persistent and Bank of Baroda.
Today’s Top Losers were Piramal Enterprises, Godrej Properties, ICICI Prudential, Max Financial and Chola Inv.
Major News
The Reserve Bank of India (RBI) in its policy announcement today kept the repo rate steady at 4% and the reverse unchanged at 3.35%. It maintained the GDP growth target for FY22 at 9.5%.
Oil crossed its 3-year high and is trading at $83 per barrel. This comes at the back of some industries switching from gas to oil for power generation and speculation about the U.S. Dept. of Energy releasing oil from its strategic reserves.