Index Action
Nifty50
Following the weak global cues and high inflation data from the US, the Nifty50 sold off sharply and breached the 16,000-mark. All the sectors came under selling pressure, with Metal, PSU Bank, Auto and Realty down more than 3%. At 12 pm today, the Nifty50 was trading 304 points lower at 15,862.
For May 12 options contracts, the Nifty50 has sizable positions at 16,000 and 16,200 call options and 15,700 and 15,800 put options. Further, additions were seen in 16,000 call options and 15,700 put options.
The Nifty50’s immediate support is at 15,700 and resistance is at 16,200 levels.
Bank Nifty
After two days of the up move, the Bank Nifty witnessed a sharp correction today and is among the top losing sectors. The PSU bank index was the worst hit and has fallen over 3%. As of 12 pm, the Bank Nifty was trading 936 points lower at 33,756.
For May 12 options contracts, the Bank Nifty has sizable positions at 34,000 and 34,500 call options and 33,000 and 33,500 put options. Further additions were seen in 34,000 call options and 33,000 put options.
The Bank Nifty’s immediate support is at 33,000 and resistance is at 34,300 levels.
Stock Action
Today’s top gainers are Indiabulls Housing Finance, Strides Pharma, Gujarat Gas, Chambal Fertilisers and Metropolis.
Today’s top losers are Punjab National Bank, Hindalco, Trent, IndusInd Bank and IDFC First Bank.
Sector Update
All the major sectoral indices are trading in the red, with Metal, PSU Bank and Auto being the worst hit. Stocks like Hindalco, Jindal Steel and Power, Punjab National Bank, IndusInd Bank and Shriram Transport Finance were 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 -1.5% to -2.0%. The US Futures are also trading lower, down by -0.3%.
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