Index Action
Nifty50
After a gap-up opening, the Nifty50 built on its opening gains and closed near day's high, led by gains in IT and auto stocks. It surged 182 points and settled at 16,352.
The Nifty50’s options contracts expiring on 30 June are scattered and have sizable positions at 17,000 and 17,500 call options and 16,000 and 15,500 put options.
The Nifty50’s options contracts expiring on 2 June have sizable positions at 16,300 and 16,500 call options and 16,300 and 16,000 put options.
As per options data, the broad range for the Nifty50 is between 15,700 and 17,000 levels. Its immediate support is at 16,100 and resistance is at 16,500 levels.
Bank Nifty
The Bank Nifty continued its upward march and closed in the green for the third consecutive day. It is now less than 1% away from its 200 EMA. With eleven out of 12 bank stocks closing in green, the breadth of the index was in favour of bulls. The Bank Nifty rose 518 points and closed at 35,613.
The Bank Nifty’s options contracts expiring on 30 June are scattered and have sizable positions at 38,000 and 36,000 call options and 33,000 and 34,000 put options.
The Bank Nifty’s options contracts expiring on 2 June have sizable positions at 36,000 and 36,500 call options and 35,000 and 34,000 put options.
As per the options data, the broad range for the Bank Nifty is between 34,200 and 36,800 levels. Its immediate support is at 34,900 and resistance is at 36,200 levels.
Stock Action
Today’s top gainers were Indiamart, Whirlpool, Dr. Lal Pathlabs, Balrampur Chini and Page Industries.
Today's top losers were PEL, ONGC, GAIL, India Cements and Muthoot Finance.
Sector Update
Among major sectoral indices, IT and Media were the top gainers. Stocks like Coforge, Mindtree, Tech Mahindra, PVR and Zee Entertainment closed in the green.
The Oil & Gas and Metal indices were the top losers. Stocks like GAIL, ONGC, Oil India, Vedanta and Hindustan Zinc ended in the red.
Major News
The RBI, in its annual report, said that considering global headwinds and high commodities prices, they will take a nuanced approach and will maintain adequate liquidity in the banking system to support the productive sectors of the economy.