Index Action
Nifty50
The Nifty50 snapped the three-day winning streak amid weak global cues. All sectors closed in red, with IT and PSU Bank being the biggest drags. The Nifty50 slumped 231 points to 17,374.
The Nifty50’s monthly options expiring on February 24 have sizable positions at 18,500 and 18,000 call options and 17,000 and 16,500 put options.
The Nifty50’s weekly options expiring on February 17 have sizable positions at 17,500 and 17,600 call options and 17,000 and 17,400 put options.
As per options data, the broad range for the Nifty50 is between 16,500 and 18,200 levels. Its immediate support is at 16,900 and resistance is at 17,800 levels.
Bank Nifty
The Bank Nifty slipped below the 38,500 mark but managed to close just above it. Barring IndusInd Bank, all other stocks of the banking index closed in the red. The Bank Nifty fell 493 points to 38,517.
The Bank Nifty’s monthly options expiring on February 24 have sizable positions at 39,500 and 39,000 call options and 38,000 and 37,000 put options.
The Bank Nifty’s weekly options expiring on February 17 have sizable positions at 39,000 and 39,500 call options and 38,500 and 38,000 put options.
As per the options data, the broad range for the Bank Nifty, is between 37,000 and 39,800 levels. Its immediate support is at 37,800 and resistance is at 39,200 levels.
Stock Action
Today’s top gainers were Aurobindo Pharma, IOC, Laurus Labs, Petronet LNG and Indigo.
Today's top losers were Info Edge, India Cements, Coforge, Intellect Design and L&T Infotech.
Sector Update
All the sectors closed in red. IT (-2.7%) and PSU Bank (-2.0%) were top losers. Stocks like LTI, Coforge, Canara Bank, PNB and DLF closed in the red.
Major News
Union Revenue Secretary Tarun Bajaj said that the country’s fiscal deficit would come down once the revenues start to grow. He further added that the government adopted a loose fiscal policy on the backdrop of increased capital expenditure.
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