Index Action
Nifty50
Amid weak global cues, the Nifty50 opened Monday's session lower and slipped to the 16,900 level. However, it partially erased its opening losses and reclaimed the 17,000 mark. Following the Auto sales numbers and sharp fall in the Nasdaq, the Auto and IT stocks came under selling pressure, while select Energy and Pharma stocks traded higher. With a negative breadth of 37 declines to 13 advances, at 12 pm today, the Nifty50 was trading 93 points lower at 17,008.
For May 5 options contracts, the Nifty50 has sizable positions at 17,300 and 17,100 call options and 17,000 and 16,900 put options. Further, additions were seen in 17,100 call options and 17,000 put options.
The Nifty50's immediate support is at 16,700 and resistance is at 17,300 levels.
Bank Nifty
After a gap-down opening, the Bank Nifty declined nearly 400 points and slipped to the 35,600 level. However, it recouped most of its morning losses and recaptured the 36,000 mark. At 12 pm today, it was trading 188 points lower at 35,899. Barring IndusInd Bank and HDFC Bank, all other Bank Nifty stocks are trading lower.
For May 5 options contracts, the Bank Nifty has sizable positions at 36,000 and 37,000 call options and 35,500 and 36,000 put options. Further additions were seen in 36,500 call options and 35,500 put options.
The Bank Nifty's immediate support is at 35,300 and resistance is at 36,700 levels.
Stock Action
Today’s top gainers are Tata Chemicals, Can Fin Homes, IndusInd Bank, Indian Hotels and Gujarat Gas.
Today’s top losers are Dixon Technologies, Dr. Lal Pathlabs, Metropolis, Astral and Apollo Hospitals.
Sector Update
Among the Nifty sectoral indices, Realty witnessed buying interest. Stocks like Godrej Properties and Macrotech Developers** are trading in green.
The IT and Auto sectors came under selling pressure. Stocks like L&T Technology Services, Larsen & Toubro Infotech, Mindtree, Eicher Motors and Bajaj Auto 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 -1.1% to +0.2%. The US futures are trading positive, up by 0.5%.
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**Not listed for F&O trading