Index Action
Nifty50
The Nifty50 had a volatile day and swung between positive and negative territory before closing lower. Losses in Banking and Financial Services stocks dragged the index lower, while Metals and Pharma stocks provided support. The Nifty50 slipped 22 points to 17,222.
The Nifty50’s monthly options expiring on March 31 have sizable positions at 17,500 and 17,800 call options and 17,000 and 17,200 put options.
As per options data, the broad range for the Nifty50 is between 16,200 and 18,000 levels. Its immediate support is at 16,900 and resistance is at 17,600 levels.
Bank Nifty
The Bank Nifty was one of the top losers of the day, declining more than 1%. With 10 out of the 12 banking stocks closing in the red, the Bank Nifty fell by 620 points to 35,527.
The Bank Nifty’s monthly options expiring on March 31 have sizable positions at 37,000 and 36,000 call options and 35,500 and 35,000 put options.
As per options data, the broad range for the Bank Nifty is between 34,300 and 37,800 levels. Its immediate support is at 35,000 and resistance is at 36,200 levels.
Stock Action
Top gainers: Zee Entertainment, IDFC, FSL, Dr.Reddy's and Mindtree.
Top losers: L&T Finance, HPCL, Max Financial, CG Consumer and Kotak Mahindra Bank.
Sector Update
Among sectors, the Media and Metal indices witnessed buying interest. Stocks like Zee Entertainment, Sun TV, NMDC, Coal India and Hindalco closed in the green.
The Banking and Financial Services sectors came under selling pressure. Stocks like Kotak Mahindra Bank, HDFC Bank, ICICI Bank, HDFC AMC and HDFC closed in the red.
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