Index Action
Nifty50
Despite mixed global cues, the Nifty50 opened above 16,100 but erased all its early gains and slipped to the 15,900-mark. Losses in oil & gas and FMCG stocks dragged the index lower, while financials and IT stocks lent support. At 12 pm, the Nifty50 was trading 101 points lower at 15,924.
For May 26 options contracts, the Nifty50 has sizable positions at 16,100 and 16,200 call options and 15,800 and 15,900 put options. Further, additions were seen in 16,000 call options and 15,900 put options.
The Nifty50’s immediate support is at 15,700 and resistance is at 16,200 levels.
Bank Nifty
The Bank Nifty opened on a strong note and climbed the 34,700-mark. However, the index erased all its early gains due to weakness in the broader market and slipped to 34,400. At 12 pm, the Bank Nifty was up 122 points at 34,461.
For May 26 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 34,500 call options and 34,000 put options.
The Bank Nifty’s immediate support is at 34,000 and resistance is at 34,900 levels.
Stock Action
Today’s top gainers are Torrent Pharma, Indigo, Dr. Lal Pathlabs, Strides Pharma and Whirlpool.
Today’s top losers are Adani Enterprises, Adani Ports, NBCC, Chambal Fertilisers and Indian Hotels.
Sector Update
Among major sectoral indices, Bank and IT witnessed buying interest. Stocks like AU Small Finance Bank, HDFC Bank, ICICI Bank, TCS and Wipro are trading in the green.
The Realty and Oil & Gas came under selling pressure. Stocks like Godrej Properties, DLF, BPCL, ONGC and Reliance Industries are trading in the red.
Global Markets Update
Major European markets are likely to open lower as their futures are trading negative in the range of 0.1% to 0.4% lower. The US futures are also trading lower, down by 0.2%.
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