Index Action
Nifty50
After a gap-up opening, the Nifty50 marched higher and came within striking distance of the 16,700-mark. However, the profit-booking at higher levels dragged it lower. Led by gains in IT, oil & gas and auto stocks, the Nifty50 surged 308 points and ended the day at 16,661.
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 17,000 and 16,700 call options and 16,300 and 16,500 put options.
As per options data, the broad range for the Nifty50 is between 15,800 and 17,600 levels. Its immediate support is at 16,300 and resistance is at 17,000 levels.
Bank Nifty
The Bank Nifty closed higher for the fifth consecutive day and moved past the 36,000-mark. However, profit-booking at the higher levels dragged the index down. Barring Kotak Mahindra Bank and AU Small Finance Bank, the other ten stocks of the index closed in the green. The Bank Nifty advanced 213 points and closed at 35,826.
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 34,300 and 36,800 levels. Its immediate support is at 35,000 and resistance is at 36,200 levels.
Stock Action
Today’s top gainers were Jubilant FoodWorks, Dixon Technologies, City Union Bank, IRCTC and PEL.
Today's top losers were JSPL, JSW Steel, Dr. Lal Pathlabs, Torrent Pharma and Kotak Mahindra Bank.
Sector Update
All the major sectoral indices closed in the green, with Realty and IT being the top gainers. Stocks like DLF, Oberoi Realty, Coforge, Mindtree and LTI ended in the green.
Major News
A lower pre-monsoon coal stock at thermal power plants in India is suggestive of yet another power crisis in July-August, as per the latest note of CREA (Centre for Research on Energy and Clean Air). The report states that the coal plants are in no position to address even a minor spike in the power demand, and there is a need to plan for coal transportation well in advance.
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