Nifty50 snapped its three-day losing streak and recouped all losses in a single day to close above 14,900 on May 17 today, 
 
NIFTY50:
NIFTY50 index was opened gap up at 14,756.25 and extended gains to hit an intraday high of 14,938. The index settled at 14,923.25, up 245.40 points or 1.67 per cent.

The index formed a strong bullish candle on the daily charts as the closing was higher than opening levels. 
Considering the larger trend is side ways, traders should wait for a break out above 15,000 before initiating long positions, experts and analysts said.

On the options trade front, maximum Put option open interest was seen at 14,000 followed by 13,500 strike, while maximum Call option open interest was seen at 15,000 followed by 14,800 strike. Call option writing was seen at 15,300 and 15,400 strike with unwinding at 15,000, while Put option writing was seen at 14,800 then 14,700 strike. The data suggests a higher shift in the wider trading range of 14,600- 15,200 levels.

BANK NIFTY:
 Bank Nifty was opened gap up at 32,437.85 and moved up 33,500 to hit the day high of 33,506.90. Bulls side the banking stocks and the index gave its highest daily close in the last 10 day intraday sessions.and close end of the intraday session at 33,459.30 up 1,289.80 points, or 4.01 per cent. Bank Nifty index forming a strong bullish candle.
 
The Bank Nifty negated it is formation of lower top-lower bottom of the last three trading sessions. Now it has to hold above 33,333  to witness an upmove towards 34,000 and 34,250 levels, while on the downside, support is seen at 33,000 and 32,750 levels, said experts and analysts.

NIFTY50 TOP 5 GAINERS & LOSERS: