Index Action
Nifty50
The Nifty50 extended its gains from last week, driven by a merger deal announced by HDFC and HDFC Bank. The index heavyweights' shares surged over 14% intraday, taking the Nifty50 beyond 18,000 mark. At 12 pm today, it was trading 310 points higher at 17,980.
For April 7 options contracts, the Nifty50 has sizable positions at 18,000 and 18,100 call options and 17,500 and 17,600 put options. Further additions were seen in 18,000 call options and 17,800 put options.
The Nifty50's immediate support is at 17,600 and resistance is at 18,300 levels.
Bank Nifty
The Bank Nifty scaled the 38,000 mark with ease, aided by the surge in HDFC and HDFC Bank shares after the company announced the merger plan. With all its 12 stocks trading in green, the Nifty Bank was trading 1,175 points higher at 38,323.
For April 7 options contracts, the Bank Nifty has sizable positions at 38,000 and 38,500 call options and 38,000 and 37,000 put options. Further additions were seen in 38,500 call options and 38,000 put options.
The Bank Nifty's immediate support is at 37,500 and resistance is at 38,800 levels.
Stock Action
Top gainers: HDFC, HDFC Bank, Chambal Fertilisers, Indiamart and Dr. Lal Pathlabs.
Top losers: Zydus Lifesciences, Oberoi Realty, Mphasis ,Chola Investments and Godrej Properties.
Sector Update
Among sectors, the Banking and Oil & Gas indices witnessed buying interest. Stocks like HDFC Bank, IDFC First Bank, Kotak Mahindra Bank, GSPL and IGL are trading in the green.
The Realty sector came under selling pressure. Stocks like Oberoi Realty and Godrej Properties are trading in the red.
Global Markets Update
Major European markets are likely to open mixed as their Futures are trading in the range of -0.04% to +0.5%. U.S. Futures are trading higher, up by 0.1%.