Index Action
Nifty50
After yesterday's steep rise, the Nifty50 suffered minor losses in the morning session, but it managed to stay above the 18,000-mark. The gains in select IT, auto and FMCG stocks helped in offsetting the losses in financial stocks. At 12 pm, the Nifty50 was trading 42 points lower at 18,011.
For April 7 options contracts, the Nifty50 has sizable positions at 18,000 and 18,200 call options and 18,000 and 17,800 put options. Further, additions were seen in both 18,000 call options and put options.
The Nifty50's immediate support is at 17,600 and resistance is at 18,400 levels.
Bank Nifty
The Bank Nifty opened in the positive territory but gave up the early gains. It slipped into the negative territory and took support at 38,100 levels. At 12 pm, the Bank Nifty was trading 312 points lower at 38,322.
For April 7 options contracts, the Bank Nifty has sizable positions at 39,000 and 38,500 call options and 38,000 and 37,000 put options. Further additions were seen in both 38,500 call options and put options.
The Bank Nifty's immediate support is at 37,500 and resistance is at 38,800 levels.
Stock Action
Today’s top gainers are Polycab, Metropolis, Havells, City Union Bank and JK Cement.
Today’s top losers are SBI Cards, Federal Bank, HDFC Bank, HDFC and Zydus Lifesciences.
Sector Update
Among sectors, the Auto and Media indices witnessed buying interest. Stocks like Eicher Motors, Tata Motors, Tube Investments, PVR and Sun TV are trading in the green.
The Financial Services and Banking indices came under selling pressure. Stocks like SBI Card, HDFC, HDFC Bank, Federal Bank and Bandhan Bank are trading in the red.
Global Markets Update
Major European markets are likely to open lower as their Futures are trading in the range of -0.3% to -0.03%. U.S. Futures are trading lower, down by 0.1%.