Index Action
Nifty50
The Nifty50 extended its losses from Friday and opened lower. It took support near the 16,150-mark and came off lows as IT stocks saw some recovery. Post its Q4 results, the shares of Reliance Industries have tumbled nearly 3% along with Oil & Gas and Metal stocks. At 12 pm today, the Nifty50 was trading 100 points lower at 16,310.
For May 12 options contracts, the Nifty50 has sizable positions at 16,500 and 16,700 call options and 16,200 and 16,000 put options. Further, additions were seen in 16,400 call options and 16,200 put options.
The Nifty50’s immediate support is at 16,100 and resistance is at 16,700 levels.
Bank Nifty
The Bank Nifty breached the 34,000-mark and opened 500 points lower. However, it marginally pared the morning losses and reclaimed the 34,500-mark. At 12 pm today, the Bank Nifty was trading 260 points lower at 34,331. Barring Federal Bank, all the other 11 stocks of the Bank Nifty are trading in red.
For May 12 options contracts, the Bank Nifty has sizable positions at 36,000 and 35,000 call options and 34,000 and 33,500 put options. Further additions were seen in 34,500 call options and 34,000 put options.
The Bank Nifty’s immediate support is at 34,000 and resistance is at 35,200 levels.
Stock Action
Today’s top gainers are ABB, Indus Towers, Indiamart, Bajaj Finserv and Federal Bank.
Today’s top losers are Can Fin Homes, Canara Bank, Tata Power, Motherson Sumi and Hindustan Copper.
Sector Update
Among the major sectoral indices, only the IT sector witnessed buying interest. Stocks like HCL Tech, Infosys and L&T Technology Services are trading in the green.
The Media, Oil & Gas and Metal sectors came under selling pressure today. Stocks like Zee Entertainment, Reliance Industries, IOC, Hindustan Copper and NALCO are trading in the red.
Global Markets Update
Major European markets are likely to open lower as their futures are trading negative in the range of -0.8% to -0.4%. The US futures too are trading lower, down by 0.8%.