Index Action
Nifty50
The Nifty50 rebounded into the positive territory after a negative opening. Gains in the Banking sector lifted the index higher, while Metal and Oil & Gas dragged it lower. At 12 pm today, it was trading 4 points higher at 17,280.
For February 24 options contracts, the Nifty50 has sizable positions at 17,500 and 17,600 call options and 17,000 and 17,200 put options. Further, additions were seen in both 17,300 call options and put options.
The Nifty50's immediate support is at 16,900 and resistance is at 17,600 levels.
Bank Nifty
The Bank Nifty opened lower but recovered sharply and came within striking distance of 38,000. With the Private Bank index trading higher, the market breadth was in favour of advances. At 12 pm today, the Bank Nifty was trading 278 points higher at 37,878.
For February 24 options contracts, the Bank Nifty has sizable positions at 38,000 and 38,500 call options and 37,500 and 37,000 put options. Further additions were seen in 38,000 call options and 37,500 put options.
The Bank Nifty's immediate support is at 37,100 and resistance is at 38,700 levels.
Stock Action
Today’s top gainers are Vodafone Idea, Indiamart, Federal Bank, Dixon Technologies and Info Edge.
Today’s top losers are Hindustan Copper, Birlasoft, Shriram Transport Finance, UPL and Delta Corp.
Sector Update
The banking sector emerged as the leading sector with buying interest today. Stocks like Federal Bank, ICICI Bank, IndusInd Bank and HDFC Bank are trading in the green.
The Media and Metal sectors came under selling pressure. Stocks like PVR, Sun TV, Coal India, Hindustan Copper and Hindalco are trading in the red.
Global Markets Update
Major European markets are likely to open mixed as their futures are trading in the range of -0.3% to +0.4%. The US futures are trading higher, up by 0.6%.
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