Index Action
Nifty50
After an initial blip, the Nifty50 extended its gains to the second day and bounced back to the 17,350 mark. Among sectors, Pharma, Realty and Financial Services pushed the index higher, while Oil & Gas fell on profit-booking. At 12 pm today, the Nifty50 was trading 86 points higher at 17,331.
For May 5 options contracts, the Nifty50 has sizable positions at 17,300 and 17,500 call options and 17,000 and 17,300 put options. Further, additions were seen in both 17,300 call options and put options.
The Nifty50’s immediate support is at 16,900 and resistance is at 17,500 levels.
Bank Nifty
The Bank Nifty also started the session on a positive note and surpassed the 36,600 mark with ease. Barring Axis Bank and SBI, all the other Bank Nifty stocks traded firmly in the green. At 12 pm today, it was trading 186 points higher at 36,608.
For May 5 options contracts, the Bank Nifty has sizable positions at 37,000 and 37,500 call options and 36,500 and 35,500 put options. Further additions were seen in 37,000 call options and 36,500 put options.
The Bank Nifty’s immediate support is at 35,600 and resistance is at 37,200 levels.
Stock Action
Today’s top gainers are Shriram Transport Finance, Indian Hotels, HDFC Life, Coforge and PEL.
Today’s top losers are Gujarat Gas, Indiamart, Can Fin Homes, MGL and Axis Bank.
Sector Update
The Pharma and Realty indices witnessed buying interest. Stocks like Sun Pharma, Dr. Reddy's, Lupin, Oberoi Realty and Godrej Properties are trading in green.
The Media and Oil & Gas indices came under selling pressure. Stocks like Zee Entertainment, Sun TV, Gujarat Gas, MGL and IGL 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 +1% to +1.5%. The US futures are trading flat with a positive bias, up by 0.08%.
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