Index Action
Nifty50
Amid weak global cues, the Nifty50 opened lower, and further slipped into the red. The index dropped over 2% in the early trade, dragged down by heavyweights Infosys and HDFC twins. At 12 pm today, it was trading 315 points lower at 17,160.
For April 21 options contracts, the Nifty50 has sizable positions at 17,200 and 17,500 call options and 17,000 and 17,100 put options. Further, additions were seen in 17,200 call options and 17,000 put options.
The Nifty50's immediate support is at 16,900 and resistance is at 17,500 levels.
Bank Nifty
On Monday, the Bank Nifty opened lower and tanked more than 600 points to 36,500 levels. The sharp fall in the index was due to lower than expected Q4 results of HDFC Bank, which missed the street expectations. Against this backdrop, at 12 pm, the Bank Nifty was trading 612 points lower at 36,851.
For April 21 options contracts, the Bank Nifty has sizable positions at 37,000 and 38,000 call options and 36,000 and 37,000 put options. Further additions were seen in 37,000 call options and 36,500 put options.
The Bank Nifty's immediate support is at 36,400 and resistance is at 37,400 levels.
Stock Action
Today’s top gainers are ICICI Prudential, NTPC, SBI Life, BEL and HDFC Life.
Today’s top losers are Mphasis, Infosys, Tech Mahindra, Mindtree and Tata Power.
Sector Update
Among sectors, the FMCG and Metal indices witnessed buying interest today. Stocks like Godrej Consumer, HUL, Tata Steel, NMDC and JSW Steel are trading in the green.
The IT and Banking indices came under selling pressure today. Stocks like Infosys, Mphasis, Mindtree, Bank of Baroda and HDFC Bank are trading in the red.
Global Markets Update
Major European markets are likely to open higher as their futures are trading in the range of 0.2% to 0.4%. The U.S. futures are trading lower, down by 0.1%.