Nifty 50 Mid-Market Summary Live Update

13:30 Mid-Market Summary: RBI is pushing HDFC to reduce their stakes subsidiaries, Reliance is trading at 1450 ahead of the largest rights issue scheduled on 20th May. OPPO tie-up for 5G phones with VodafoneIdea.

Nifty trading around 8850 is facing severe selling through NBFC, Banking, Media and Auto Stocks. The lone supporters are Tech and Pharma stocks, which are genuinely termed as Safe Heavens when BankNifty is battered. Seriously the entire pack of traders are moving against the International tides, while Dax, FTSE & CAC are all trading >2.5% in green and DJIA, S&P500, Nasdaq, Nikkei & HangSeng Futures are all above 1.5% in green, Nifty & BankNifty are lonely struggling to cross over 8900 & 18000 respectively.

RBI is pushing HDFC to reduce their stakes in HDFCErgo & HDFCLife, and Reliance is trading at 1450 ahead of the largest rights issue scheduled on 20th May. OPPO has announced its tie-up for 5G phones with VodafoneIdea.

LTTS, CIPLA, Mindtree, Infrtatel & INfy are top Gainers from Nifty200 while M&MFin, CHolaFin, Naukri, LICHousing and Indigo are Top Losers. P{restige, IndHotel, BOB, SBI and UnionBk had all hit fresh 52wk lows today. We could see ApolloTyre, TorntPharm, Mindtree, Infratel and Cipla fresh Long-Built-up while CholaFin, Equitas, BankNifty, Ujjivan & Nifty are facing fresh Short Built-up.

We could see Short-covering in ITC, Colgate & Biocon happening, Based on our Proprietary algorithm, Nifty for the next 2 hours can see Resistances at 8878, 8916, 8949 & 8984 while Supports are at 8824, 8799, 9772 & 8746. For BankNifty, we can see Resistances at 17748, 17856, 17978 & 18184 while Supports are at 17524, 17449, 17364 & 17216.