Index Action
Nifty50
The Nifty50 opened higher but faced selling pressure at 16,200 levels and slipped into the red. IT and metal stocks crumbled, and auto stocks witnessed signs of profit booking. Financials and FMCG stocks traded with firm gains. At 12 pm, the Nifty50 was down 53 points at 16,071.
For May 26 options contracts, the Nifty50 has sizable positions at 16,200 and 16,400 call options and 16,000 and 15,800 put options. Further, additions were seen in 16,200 call options and 16,100 put options.
The Nifty50’s immediate support is at 15,800 and resistance is at 16,400 levels.
Bank Nifty
The Bank Nifty started the session on a strong note and climbed the 34,700-mark. However, the index has cooled off from the day's high and is comfortably trading above 34,500. With eight out of 12 bank stocks trading higher, the index's breadth remains in favour of bulls.At 12 pm, the Bank Nifty was up 230 points at 34,520.
For May 26 options contracts, the Bank Nifty has sizable positions at 34,500 and 35,000 call options and 34,500 and 35,000 put options. Further additions were seen in both 34,500 call options and put options.
The Bank Nifty’s immediate support is at 34,100 and resistance is at 35,200 levels.
Stock Action
Today’s top gainers are CONCOR, SBI Life, Balkrishna Industries, ICICI Prudential and HDFC Life.
Today’s top losers are Balrampur Chini, Chambal Fertilisers, Bsoft, Asian Paints and Persistent.
Sector Update
Among major sectoral indices, Nifty Bank and Financial Services witnessed buying interest. Stocks like SBI Life, HDFC Life, Kotak Mahindra Bank, HDFC Bank and ICICI Bank are trading in the green.
The IT and Media sectors came under selling pressure. Stocks like Mphasis, Mindtree, Coforge, Zee Entertainment and PVR 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 0.4% to 0.7%. The US futures are also trading higher, up by 0.1%.