Index Action
Nifty50
In line with the global and Asian markets, Nifty50 opened lower and fell further. It has recovered from the lows of 17,225 but continues to trade in the red. At 12 pm today, it was trading 32 points lower at 17,336.
For December 16 expiry, Nifty50 has a sizable base at 17,500 and 17,600 call options and 17,300 and 17,000 put options. Further, additions were seen in 17,400 call options and 17,300 put options.
Nifty50 has immediate support at 17,000 and resistance at 17,700 levels.
Bank Nifty
With PSU banks lagging behind private banks, Bank Nifty remains under pressure today. At 12 pm today, it was trading 160 points lower at 36,764.
For December 16 expiry, Bank Nifty has a sizable base at 37,500 and 37,000 call options and 36,500 and 36,000 put options. Further additions were seen at 36,700 call and 36,500 put options.
Bank Nifty has immediate support at 36,000 and resistance at 37,600 levels.
Stock Action
Today’s top gainers are Lupin, ABFRL, Aurobindo Pharma, Metropolis and Power Grid.
Today’s top losers are Shriram Transport, Piramal Enterprises, NMDC, Chola Investments and Dixon Technologies.
Sector Update
The Pharma sector has emerged as the leading sector with buying interest today. Stocks like Lupin, Aurobindo Pharma, Torrent Pharma and Laurus Labs are trading in the green.
Realty and PSU Banks, followed by the Auto sector, are seeing selling pressure today. Stocks like Godrej Properties, DLF, Canara Bank, Bank of Baroda and Ashok Leyland are trading in the red.
Global Markets Update
Major European markets are likely to open in the red as their futures are trading flat to negative, down by about 0.7%. US Futures are trading flat with a positive bias, up by almost 0.01%.
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