Mammoth rally in PSU Banks with never seen surge of ~49% in PNB

India Infoline News Service | Mumbai | October 25, 2017 16:02 IST

PNB was the clear outperformer, gaining a mammoth ~46% gains at the close.

Market-at-higher-point
In today’s trade, Nifty and Sensex closed at record highs with banking sector contributing ~50% of gains.

PSU Bank index was the flavor of the day, surging ~30% lead by PNB, Canara Bank and SBI all hitting fresh 52-week highs. PNB was the clear outperformer, gaining a mammoth ~46% gains at the close.

Nifty Bank index rallied 755 points, gaining ~3.12%. The entire gain in the index future was mainly on account of the short covering.

Tracking the options front, all the ITM/ATM call options strikes ranging from 24000-25000 saw unwinding of short positions as call writing positions were taken for a toss.
Still, Bank Nifty 25000CE has ~10 lakh shares in open interest, mainly short positions, so a upmove above its intermediate resistance level of 25100 mark could bring fresh short covering in the index, leading to a thrilling end for the October F&O expiry.  

Nifty: +110points @ 10295
Bank Nifty +947 points @ 25035
Top 2 F&O Gainer:  PNB, CANARA BANK
Top 2 F&O Loser: HAVELLS,  L&TFH
Most Active Index Option Contract:
Call Option 10300CE, O.I: ↑ ~6 lakh shares
Put Option: 10200PE, O.I: ↑~ 2 lakh shares
Nifty Max O.I Strikes: 10300CE, 10000PE
Bank Nifty Max O.I Strikes: 25000CE, 24500PE (26th Oct 2017 Expiry)

 

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