Call unwinding was seen at the strike price of 10,800, which shed 6.03 lakh contracts; followed by 11,000 strike, which shed 5.66 lakh contracts and 10,500 strike, which shed 4.6 lakh contracts.
The Nifty bucked the trend as most of the Asian markets closed mostly lower as investors turned cautious over the fresh trade-related developments between the U.S. and China.
The index saw some value buying at lower levels along with short covering which helped Nifty to reclaim 10,500 on closing basis which is a positive sign.
Technology and banking and financial stocks were the leading contributors to the market's rally
ONGC share price plunged 11 percent intraday, but recovered some of losses to end down 4.4 percent amid fears of a windfall tax levy on oil producers.
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Nearly 200 stocks are trading at 52-week low on a day when markets are trading strong.
123 stocks hit a new 52-week low. These include ABB, ACC, Adani Power, Bharat Heavy Electricals, Bharat Petroleum Corporation, Capital First, Castrol India, Ceat, Century Textiles, Chennai Petro, HPCL, IDFC Bank, Power Finance Corporation, Tata Motors, UltraTech Cement and Vakrangee among others.
"We expect the Nifty to consolidate within a broader range of 10,300–10,600 amid stock specific action as we are going through the Q4 earnings season," says Dharmesh Shah of ICICI Direct.com.
We may see copper come under pressure and drift lower to test support at Rs 462-460 whereas aluminum and Lead may trend higher to test weekly highs.
In the BFSI space, microfinance will see a good year in FY19, private sector banks will remain attractive.
The breadth of the market favoured declines, with 716 stocks advancing, 854 declining and 463 remaining unchanged. On BSE, 884 stocks advanced, 905 declined and 100 remained unchanged.
Spot gold was up 0.2 percent at $1,295.16 per ounce at 0359 GMT, after gaining nearly 0.2 percent in the previous session.
“Trend remains negative as long as it trades below 10,500.” says Jaydeb Dey, Technical Analyst at Stewart & Mackertich Wealth Management Ltd.
206 stocks have returned over 100-900 percent in the last four years
The share price of construction company NCC rallied nearly 10 percent following healthy earnings for the quarter ended March 2018.
A surprise build up in crude oil inventories in the United States also weighed on prices, driving the spread between Brent crude and U.S. West Texas Intermediate (WTI) close to its widest in three years.
For the day, rupee is expected to quote in the range of 68.05 and 68.50, says Motilal Oswal.
As per the options data, the support level for Nifty has shifted lower in the May expiry compared to last week.
Trends on SGX Nifty indicate a positive opening for the broader index in India, a gain of 26.5 points, or 0.25 percent. Nifty futures were trading around 10,447.50 on the Singaporean Exchange.
Walan was the managing director of AstraZeneca Pharma India from March 29, 2001 to April 1, 2004 and Guha was company secretary/compliance officer of the firm from July 1, 1999 to January 31, 2006. Singhal was the company secretary/ compliance officer of the firm from May 7, 2012 to July 31, 2014.
A list of important headlines from across news agencies that could help you trade today.
Maximum call open interest (OI) of 55.46 lakh contracts stood at strike price 10,800, which will act as a crucial resistance level for the index in the May series.
The Dow Jones Industrial Average rose 52.4 points, or 0.21 percent, to 24,886.81, the S&P 500 gained 8.85 points, or 0.32 percent, to 2,733.29 and the Nasdaq Composite added 47.50 points, or 0.64 percent, to 7,425.96.
MSCI's broadest index of Asia-Pacific shares outside Japan was flat, while Japan's Nikkei stock index was 0.6 percent lower.