Index Action
Nifty50
The Nifty50 opened lower on the first day of the new financial year but moved higher above 17,500. Oil & gas and banking stocks are trading higher, while IT and Pharma stocks continue to slide. At 12 pm today, it was trading 62 points higher at 17,527.
For April 7 options contracts, the Nifty50 has sizable positions at 17,500 and 17,600 call options and 17,500 and 17,400 put options. Further additions were seen in 17,600 call options and 17,500 put options.
The Nifty50’s immediate support is at 17,200 and resistance is at 17,800 levels.
Bank Nifty
The Bank Nifty started the session lower but staged a smart rebound and surged to 36,800 levels. With both PSU and Private Bank indexes trading in green, the Bank Nifty was trading 379 points higher at 36,752.
For April 7 options contracts, the Bank Nifty has sizable positions at 37,500 and 37,000 call options and 36,000 and 36,500 put options. Further additions were seen in 37,500 call options and 36,500 put options.
The Bank Nifty’s immediate support is at 35,900 and resistance is at 37,200 levels.
Stock Action
Top gainers: BHEL, Indiabulls Housing Finance, GMR Infra, NTPC and JK Cement.
Top losers: Hero MotoCorp, Chola Investments, Atul Ltd, Indigo and Intellect Design.
Sector Update
Among sectors, Media and Realty indices witnessed buying interest. Stocks like Zee Entertainment, Sun TV, Oberoi Realty and DLF are trading in the green.
The IT and Pharma sectors came under selling pressure. Stocks like Coforge, Mphasis, Infosys, Ipca Labs and Alkem Labs are trading in the red.
Global Markets Update
Major European markets are likely to open mixed as their Futures are trading in the range of -1.7% to +0.1%. U.S. Futures are trading higher, up by 0.3%.