Index Action
Nifty50
Amid weak global cues, the Nifty50 opened lower and slipped near 16,400 levels. However, the index recouped its morning losses and reclaimed the 16,500-mark, led by gains in Reliance Industries, IT and oil & gas stocks. At 12 pm, the Nifty50 was trading 30 points higher at 16,553.
For June 2 options contracts, the Nifty50 has sizable positions at 16,700 and 16,600 call options and 16,500 and 16,400 put options. Further, additions were seen in 16,600 call options and 16,500 put options.
The Nifty50’s immediate support is at 16,400 and resistance is at 16,800 levels.
Bank Nifty
The Bank Nifty is trading lower near the pivotal zone of 35,500. Losses in heavyweights like ICICI Bank and HDFC Bank dragged the index lower, while gains in Bank of Baroda and Punjab National Bank lent support. At 12 pm, the Bank Nifty was trading 114 points lower at 35,506.
For June 2 options contracts, the Bank Nifty has sizable positions at 36,000 and 35,500 call options and 35,500 and 35,000 put options. Further additions were seen in both 35,500 call options and put options.
The Bank Nifty’s immediate support is at 35,300 and resistance is at 36,200 levels.
Stock Action
Today’s top gainers are United Spirits, Reliance Industries, LTTS, LTI and Mindtree.
Today’s top losers are Coromandel, Apollo Hospitals, Info Edge, IGL and Hero MotoCorp.
Sector Update
Among major sectoral indices, IT and Oil & Gas Banking and Financial Services witnessed buying interest. Stocks like LTTS, LTI, Mindtree, Reliance and Oil India are trading in the green.
The FMCG and Auto sectors witnessed selling pressure. Stocks like HUL, Colgate-Palmolive, Tata Consumer, Hero Motocorp and MRF 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 -0.5% to 0.2%. The US futures are trading flat with a positive bias, up by 0.05%.