Index Action
Nifty50
Buoyed by firm global cues, the Nifty50 opened on a strong note and extended its gains. Led by IT and auto stocks, the index came within striking distance of the 16,700-mark. With 44 of its 50 stocks trading in the green, the Nifty50 advanced 320 points to 16,673.
For June 2 options contracts, the Nifty50 has sizable positions at 17,000 and 16,600 call options and 16,300 and 16,500 put options. Further, additions were seen in 16,700 call options and 16,500 put options.
The Nifty50’s immediate support is at 16,300 and resistance is at 17,000 levels.
Bank Nifty
The Bank Nifty opened nearly 350 points higher and crossed the 36,000-mark, led by firm gains in both PSU and private bank indices. With eleven out of 12 bank stocks trading in the green, the Bank Nifty climbed 393 points to 36,006.
For June 2 options contracts, the Bank Nifty has sizable positions at 36,000 and 36,500 call options and 36,000 and 35,000 put options. Further additions were seen in both 36,000 call options and put options.
The Bank Nifty’s immediate support is at 35,600 and resistance is at 36,700 levels.
Stock Action
Today’s top gainers are Intellect Design, IRCTC, PEL, City Union Bank and Coforge.
Today’s top losers are JSW Steel, Indigo, Aurobindo Pharma, ONGC and Dr.Lal Pathlabs.
Sector Update
All the major sectoral indices are trading in the green, with IT and Realty being the top gainers. Stocks like Coforge, Mindtree, LTI, DLF and Godrej Properties are trading in the green.
Global Markets Update
Major European markets are likely to open higher as their futures are trading positive in the range of 0.5% to 0.6% higher. The US futures are also trading higher, up by 0.5%.