Index Action
Nifty50
The Nifty50 opened lower and slipped into negative territory amid weak global cues. The banking and financials stocks extended their weakness, and losses in IT stocks dragged the index lower. At 12 pm today, it was trading 107 points lower at 17,850.
For April 7 options contracts, the Nifty50 has sizable positions at 18,000 and 17,900 call options and 17,500 and 17,800 put options. Further additions were seen in 17,900 call options and 17,800 put options.
The Nifty50's immediate support is at 17,600 and resistance is at 18,200 levels.
Bank Nifty
The Bank Nifty opened below the 38,000 mark and took support at 37,500 levels. With 7 out of 12 bank stocks trading in red, the Bank Nifty was trading 319 points lower at 37,748.
For April 7 options contracts, the Bank Nifty has sizable positions at 38,000 and 38,500 call options and 37,500 and 37,000 put options. Further additions were seen in both 37,500 call options and put options.
The Bank Nifty's immediate support is at 37,200 and resistance is at 38,400 levels.
Stock Action
Today’s top gainers are Indian Hotels, Vodafone-Idea, Tata Power, Strides Pharma and Balrampur Chini.
Today’s top losers are Marico, HDFC, HDFC Bank, Mphasis and Dr. Lal Pathlabs.
Sector Update
The Media and Metal sectors witnessed buying interest. Stocks like Sun TV, Zee Entertainment, SAIL, Tata Steel and Adani Enterprises are trading in the green.
The Financial Services and IT sectors came under selling pressure. Stocks like SBI Card, HDFC, HDFC Life, SBI Life, Mphasis and Tech Mahindra 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 -0.2% to +0.04%. U.S. Futures are trading flat with a positive bias, up by 0.04%.