Index action
Nifty50
The Nifty50 consolidated its gains in a narrow range and traded sideways in the morning session. After an initial blip near the 16,550-mark, the index bounced back to 16,600 levels. Sectorally, Banking and Oil & Gas stocks pushed the index higher, while auto and pharma capped the upside. At 12 pm, the Nifty50 was trading flat at 16,588, up by 3 points.
For June 2 options contracts, the Nifty50 has sizable positions at 17,000 and 16,600 call options and 16,500 and 16,400 put options. Further, additions were seen in 16,700 call options and 16,400 put options.
The Nifty50’s immediate support is at 16,400 and resistance is at 16,800 levels.
Bank Nifty
The Bank Nifty started the day on a positive note and inched towards the 35,700-mark. The index has registered gains of nearly half a per cent and is among the top-performing sectors of the day so far. Barring IndusInd Bank, the other 11 stocks of the Bank Nifty index are trading in the green. At 12 pm, the Bank Nifty was up by 184 points at 35,671.
For June 2 options contracts, the Bank Nifty has sizable positions at 36,000 and 36,500 call options and 35,500 and 35,000 put options. Further additions were seen in 36,000 call options and 35,500 put options.
The Bank Nifty’s immediate support is at 35,300 and resistance is at 36,400 levels.
Stock action
Today’s top gainers are ICICI Prudential, Astral, HAL, Max Financial Services and Bharat Electronics.
Today’s top losers are Vodafone Idea, Bajaj Auto, Hindalco, NALCO and Apollo Hospitals.
Sector update
Among major sectoral indices, Banking and Financial Services witnessed buying interest. Stocks like AU Small Finance Bank, Bandhan Bank, Kotak Mahindra Bank, ICICI Prudential and HDFC Life are trading in the green.
The Realty and Auto sectors came under selling pressure. Stocks like DLF, Godrej Properties, Oberoi Realty, Bajaj Auto and Escorts 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 0.3% to 0.4%. The US futures are also trading higher, up by 0.2%.