Index Action
Nifty50
With the Rupee marginally recovering, the Nifty50 Index was steady and recouped its opening losses. Auto, FMCG and financial services stocks led the rebound, while oil & gas, metals and pharma stocks faced the heat of sell-off. At 12 pm today, the Nifty50 was trading 62 points higher at 16,364.
For May 12 options contracts, the Nifty50 has sizable positions at 16,500 and 16,400 call options and 16,000 and 16,200 put options. Further additions were seen in 16,400 call options and 16,200 put options.
The Nifty50’s immediate support is at 16,100 and resistance is at 16,600 levels.
Bank Nifty
The Bank Nifty held on to the 34,150-mark and traded firmly in the green. With Private and PSU bank indices registering gains of 0.4%, the Bank Nifty was trading 186 points higher at 34,462.
For May 12 options contracts, the Bank Nifty has sizable positions at 34,500 and 35,000 call options and 34,000 and 33,500 put options. Further additions were seen in 34,500 call options and 34,000 put options.
The Bank Nifty’s immediate support is at 34,000 and resistance is at 34,900 levels.
Stock Action
Today’s top gainers are GNFC, Apollo Tyres, Siemens, PVR and Motherson Sumi.
Today’s top losers are Voltas, Page Industries, Dixon Technologies, GAIL and ONGC.
Sector Update
Among the major sectoral indices, Auto and FMCG witnessed buying interest today. Stocks like Eicher Motors, Escorts, Maruti Suzuki, HUL and Godrej Consumer Products are trading in the green.
The Oil & Gas and Metal sectors came under selling pressure today. Stocks like NALCO, Tata Steel, Jindal Steel and Power, Oil India and ONGC are trading in the red.
Global Markets Update
Major European markets are likely to open higher as their futures are trading positive in the range of +0.5% to +0.8%. The US futures are also trading higher, up by 0.5%.
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