Index Action
Nifty50
The Nifty50 extended yesterday's gains and climbed the 16,300-mark. However, the index faced stiff resistance at the day's high and gave up some initial gains. Sectorally, IT, Media and Financials advanced, while Oil & Gas and Metal indices were the laggards. At 12 pm, the Nifty50 was trading 85 points higher at 16,255.
For June 2 options contracts, the Nifty50 has sizable positions at 16,300 and 16,500 call options and 16,000 and 16,200 put options. Further, additions were seen in 16,300 call options and 16,000 put options.
The Nifty50’s immediate support is at 16,000 and resistance is at 16,500 levels.
Bank Nifty
The Bank Nifty continued its upward march and opened 200 points higher. However, the index faced stiff resistance at 35,600 and is off day's high. With all the 12 stocks of the index trading in green— the Bank Nifty was trading 354 points higher at 35,449.
For June 2 options contracts, the Bank Nifty has sizable positions at 35,500 and 36,000 call options and 35,000 and 34,000 put options. Further additions were seen in 35,500 call options and 35,000 put options.
The Bank Nifty’s immediate support is at 34,800 and resistance is at 35,900 levels.
Stock Action
Today’s top gainers are Indiamart, Dr. Lal Pathlabs, Whirlpool, Page Industries and Coforge.
Today’s top losers are PEL, ONGC, Muthoot Finance, HPCL and India Cements.
Sector Update
Among major sectoral indices, IT and Financials witnessed buying interest. Stocks like Coforge, L&T Technology Services, Tech Mahindra, Bajaj Finance and HDFC Life are trading in the green.
The Oil & Gas and Metal sectors came under selling pressure. Stocks like ONGC, HPCL, Oil India, Vedanta and NMDC are trading in the red.
Global Markets Update
Major European markets are likely to open lower as their futures are trading flat to negative in the range of 0.04% to 0.4%. The US futures are also trading lower, down by 0.2%.