Index Action
Nifty50
In a sharp reversal, the Nifty50 had a gap up opening of 177 points and maintained its opening gains. Among sectors, Metal, IT and Auto witnessed buying interest, while Realty faced selling pressure. With a positive breadth of 40 advances to 10 declines, at 12 pm today, the Nifty50 was trading 162 points higher at 16,839.
For May 5 options contracts, the Nifty50 has sizable positions at 17,000 and 16,900 call options and 16,800 and 16,700 put options. Further additions were seen in 17,000 call options and 16,800 put options.
The Nifty50’s immediate support is at 16,700 and resistance is at 17,100 levels.
Bank Nifty
The Bank Nifty digested the impact of rate hikes and traded strongly in the green. It crossed the 35,900-mark in the morning session but faced bouts of minor profit-booking at higher levels. Barring IndusInd Bank, all other 11 stocks of the banking index are trading in the green. At 12 pm today, the Bank Nifty was trading 397 points higher at 35,661.
For May 5 options contracts, the Bank Nifty has sizable positions at 36,000 and 36,500 call options and 35,500 and 35,000 put options. Further additions were seen in 35,800 call options and 35,700 put options.
The Bank Nifty’s immediate support is at 35,400 and resistance is at 36,200 levels.
Stock Action
Today’s top gainers are ABB, Siemens India, IDFC First Bank, Hero MotoCorp and Tata Steel.
Today’s top losers are Godrej Properties, Tata Consumer Products, Deepak Nitrite, Indian Hotels and Info Edge.
Sector Update
The Metal and IT sectors witnessed buying interest today. Stocks like Tata Steel, Vedanta, Jindal Steel and Power, Infosys and Tech Mahindra are trading in green.
The Realty sector came under selling pressure today. Stocks like Godrej Properties and DLF 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 +1.1% to +2.3%. The US futures are trading flat with a positive bias, up 0.01%.