Index Action
Nifty50
Tracking weak global cues, the Nifty50 saw a gap-down start and slipped to 16,350 levels. Sectorally, the Metal, IT and Realty index tanked 3% each. With 46 out of the 50 stocks trading lower— at 12 pm, the Nifty50 fell over 300 points to 16,382.
For May 12 options contracts, the Nifty50 has sizable positions at 16,700 and 16,800 call options and 16,400 and 16,200 put options. Further, additions were seen in 16,500 call options and 16,400 put options.
The Nifty50’s immediate support is at 16,200 and resistance is at 16,800 levels.
Bank Nifty
The Bank Nifty also started Friday's session on a negative note and took support at 34,350 levels. All the 12 stocks of the index are trading in red, with Axis Bank, HDFC Bank and ICICI Bank falling more than 2% each. At 12 pm, the Bank Nifty was trading 668 points lower at 34,564.
For May 12 options contracts, the Bank Nifty has sizable positions at 36,000 and 35,500 call options and 34,500 and 34,000 put options. Further additions were seen in 35,500 call options and 34,500 put options.
The Bank Nifty’s immediate support is at 34,200 and resistance is at 35,200 levels.
Stock Action
Today’s top gainers are Tata Communications, HDFC AMC, Hero MotoCorp, Britannia and IEX.
Today’s top losers are Vedanta, Coforge, Chola Investments, Voltas and Info Edge.
Sector Update
All the major sectoral indices are trading in the red, with Metal, IT and Realty being the top losers. Stocks like Vedanta, SAIL, Coforge, Mindtree and DLF are trading in the red.
Global Markets Update
Major European markets are likely to open higher as their futures are trading flat to positive in the range of 0.02% to 0.2%. The US futures are trading flat with a negative bias, down by 0.05%
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