Index Action
Nifty50: After the initial sell-off, Nifty50 recovered sharply to trade in the positive, only to give up all the gains and close in the red. It closed 110 points lower at 17,999.
Monthly options expiring on November 25 have sizable positions at 18,500 and 19,000 call options and 17,500 and 17,400 put options.
Weekly options expiring on November 18 have a sizable base at 18,200 and 18,100 call options and 18,000 and 17,800 put options. Further additions were seen at 18,100 call options and unwinding was seen at 18,000 put options.
The broad range for Nifty50, as per options data, is 17,200 and 18,900 levels. Its immediate support is at 17,700, and resistance is at 18,300 levels.
Bank Nifty: Bank Nifty continued to remain under pressure, dragging the overall markets with it. It closed 395 points lower at 38,307.
Monthly options expiring on November 25 have sizable positions at 40,000 and 39,000 call options and 38,500 and 38,000 put options.
Weekly options expiring on November 18 have a sizable base at 39,000 and 38,500 call options and 38,500 and 38,000 put options. Further additions were seen at 38,500 call options and 38,000 put options.
The broad range for Bank Nifty, as per the options data, is between 37,100 and 39,800. Immediate support is at 37,900 and resistance is at 39,100 levels.
Stock Action
Today’s top gainers were Maruti Suzuki, Motherson Sumi, Chambal Fertiliser, Coforge and Birlasoft.
Today's top losers were Metropolis, Manappuram Finance, Ashok Leyland, Glenmark and HPCL.
Sector Update
Auto and IT sectors have emerged as the leading sectors today with buying interest. Stocks like Maruti Suzuki, M&M, Tata Motors, Coforge and Tech Mahindra closed in the green.
PSU Banks and Pharma sector saw selling pressure today. Stocks like Canara Bank, Bank of Baroda, SBI, Cadila Healthcare and Cipla closed in the red.
Major News: The Government of India has now allowed quarantine-free travel for fully vaccinated foreign tourists from 99 countries including the US, UK, Germany, France, Australia and Singapore. This is a positive for Indian tourism and entertainment companies.
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