Index Action
Nifty50
The Nifty50 started the day on a negative note and fell to the 16,250-mark. However, the index made a swift recovery of more than 100 points from its intraday low and moved higher. The recovery was led by oil & gas and Pharma stocks, while banking and metal stocks remained under pressure. At 12 pm, the Nifty50 was trading 5 points lower at 16,350.
For June 9 options contracts, the Nifty50 has sizable positions at 16,500 and 16,400 call options and 16,300 and 16,200 put options. Further, additions were seen in 16,400 call options and 16,300 put options.
The Nifty50’s immediate support is at 16,150 and resistance is at 16,600 levels.
Bank Nifty
The Bank Nifty extended its losses and dropped to 34,650 levels in the morning session. Except for Bandhan Bank, all the other eleven stocks of the banking index are trading lower, with AU Small Finance Bank and SBI being the biggest losers. At 12 pm, the Bank Nifty was trading 152 points down at 34,794.
For June 9 options contracts, the Bank Nifty has sizable positions at 35,000 and 34,800 call options and 34,500 and 34,700 put options. Further additions were seen in 34,800 call options and 34,700 put options.
The Bank Nifty’s immediate support is at 34,600 and resistance is at 35,300 levels.
Stock Action
Today’s top gainers are Biocon, IEX, Dr. Reddy’s, ConCor and ICICI Lombard.
Today’s top losers are AU Small Finance Bank, Strides Pharma, Indiabulls Housing Finance, Vedanta and Tata Steel.
Sector Update
Among major sectoral indices, Oil & Gas and Pharma witnessed buying interest. Stocks like Indraprastha Gas, Gujarat Gas, Mahanagar Gas, Biocon and Dr.Reddy’s are trading in the green.
The Metal and Banking sectors came under selling pressure. Stocks like Vedanta, Tata Steel, Hindalco, AU Small Finance Bank and SBI 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 -0.5% to -0.8%. The US futures are trading lower, down by 0.1%.
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