Index Action
Nifty50
After a negative start, the Nifty50 took support at 16,500 levels and recouped its morning losses. Gains in metal and auto stocks offset the losses in pharma and FMCG shares. At 12 pm, the Nifty50 index was trading flat at 16,660.
For June 2 options contracts, the Nifty50 has sizable positions at 17,000 and 16,700 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
After a negative start, the Bank Nifty made a sharp recovery of more than 200 points from its intraday low and reclaimed the 35,700-mark. The PSU bank index is trading higher, and the private bank index also bounced back in the green. At 12 pm, the Bank Nifty was up by 12 points at 35,839.
For June 2 options contracts, the Bank Nifty has sizable positions at 36,000 and 36,500 call options and 35,000 and 35,500 put options. Further additions were seen in 36,000 call options and 35,500 put options.
The Bank Nifty’s immediate support is at 35,500 and resistance is at 36,700 levels.
Stock Action
Today’s top gainers are Info Edge, Vodafone-Idea, Bharat Forge, Motherson Sumi and PEL.
Today’s top losers are Aarti Industries, Sun Pharma, Metropolis, Glenmark Pharma and Jubilant FoodWorks.
Sector Update
Among major sectoral indices, Media and Realty witnessed buying interest. Stocks like Zee Entertainment, Sun TV, PVR and Godrej Properties are trading in the green.
The Pharma and FMCG sectors came under selling pressure. Stocks like Sun Pharma, Glenmark Pharma, Lupin, Godrej Consumer and HUL 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 0.02% to 0.5% lower. The US futures are also trading lower, down by 0.4%.
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