Index Action
Nifty50
The Nifty50 recouped its losses and traded in the green, above 16,400. Banking and IT stocks are leading the rally while FMCG and Oil & Gas stocks are trading lower. At 12 pm, the Nifty50 was trading 49 points higher at 16,465.
For June 9 options contracts, the Nifty50 has sizable positions at 16,500 and 16,800 call options and 16,400 and 16,000 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 16,700 levels.
Bank Nifty
Following a 50 basis point rate hike and growth oriented commentary by the RBI Governor, the Bank Nifty recovered sharply and is among the top gaining indices so far. With all 12 stocks in the green, at 12 pm, the Bank Nifty was trading 336 points higher at 35,332.
For June 9 options contracts, the Bank Nifty has sizable positions at 36,000 and 35,500 call options and 35,000 and 34,500 put options. Further additions were seen in 35,500 call options and 35,000 put options.
The Bank Nifty’s immediate support is at 34,800 and resistance is at 35,600 levels.
Stock Action
Today’s top gainers are Dalmia Bharat, JK Cement, Chola Investments, DLF and SBI Cards.
Today’s top losers are Gujarat Gas, Polycab, Deepak Nitrite, ICICI Lombard and Metropolis.
Sector Update
Among major sectoral indices, Realty and Banking are the top gainers. Stocks like DLF, Oberoi Realty, Bank of Baroda, SBI and HDFC Bank are trading in the green.
The FMCG and Oil & Gas sectors are the top losers. Stocks like Marico, United Spirits, Dabur, Oil India and Reliance are trading in the red.
Global Markets Update
Major European markets are likely to open higher as their futures are trading in the range of 0.2% to 0.7%. The US futures are trading lower, down by 0.2%.