The Nifty50 extended its gains from the last two sessions and faced resistance at the 16,400-mark. All the major sectors witnessed buying interest today, with the defensives like Pharma and FMCG being the top gainers. With 39 out of the 50 stocks trading higher, the breadth of the index remains positive. At 12 pm, the Nifty50 was trading 85 points higher at 16,344.
For May 19 options contracts, the Nifty50 has sizable positions at 16,500 and 16,600 call options and 16,000 and 16,200 put options. Further, additions were seen in 16,600 call options and 16,200 put options.
The Nifty50’s immediate support is at 16,100 and resistance is at 16,700 levels.
The Bank Nifty also witnessed a positive start today and moved higher to 34,650-mark. The private bank index traded in the green, while the PSU bank index came under selling pressure. At 12 pm, the Bank Nifty rose 260 points to 34,562.
For May 19 options contracts, the Bank Nifty has sizable positions at 34,500 and 35,000 call options and 34,000 and 34,500 put options. Further additions were seen in 35,000 call options and 34,500 put options.
The Bank Nifty’s immediate support is at 34,100 and resistance is at 35,200 levels.
Today’s top gainers are MCX, Bosch, Biocon, Persistent and Indigo.
Today’s top losers are Metropolis, Dr. Lal Pathlabs, HPCL, IOC and Power Grid.
The Pharma and FMCG sectors witnessed buying interest today. Stocks like Biocon, Cipla, Sun Pharma, Tata Consumer Products and Dabur are trading in the green.
The Realty sector came under selling pressure today. Stocks like Godrej Properties and DLF 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 +0.07% to +0.1%. The US futures are trading lower, down by 0.1%.