Index Action
Nifty50
The Nifty50 dropped sharply for a second consecutive day but held on to 17,900 at the close. IT and Financial Services came under pressure while Oil & Gas and Metal stocks bucked the trend. The Nifty50 slid 174 points to close at 17,938.
The Nifty50’s monthly options expiring on January 27 have sizable positions at 18,300 and 18,500 call options and 18,000 and 17,500 put options.
The Nifty50’s weekly options expiring on January 20 have sizable positions at 18,300 and 18,100 call options and 17,900 and 17,800 put options.
As per options data, the broad range for Nifty50 is between 17,200 and 18,900 levels. Its immediate support is at 17,700 and resistance is at 18,300 levels.
Bank Nifty
Ahead of weekly expiry tomorrow, the Bank Nifty ended lower, but a mild recovery towards the end helped it close above 38,000. It dropped 168 points to close at 38,041.
The Bank Nifty’s monthly options expiring on January 27 have sizable positions at 38,500 and 39,000 call options and 38,000 and 37,000 put options.
The Bank Nifty’s weekly options expiring on January 20 have sizable positions at 38,500 and 39,000 call options and 38,000 and 37,500 put options.
As per the options data, the broad range for Bank Nifty, is between 36,800 and 39,600 levels. Its immediate support is at 37,600 and resistance is at 38,800 levels.
Stock Action
Today’s top gainers were Biocon, Tata Power, Bank of Baroda, Delta Corp and Chambal Fertilisers.
Today's top losers were L&T Technology, ICICI Prudential, Info Edge, Birlasoft and Granules.
Sector Update
Among the Nifty sectoral indices, Media and Energy were the top gainers. Stocks like Sun TV, PVR, Tata Power, ONGC and GAIL closed in the green.
The IT and FMCG sectors came under selling pressure. Stocks like L&T Technology, Mphasis, Infosys, HUL and Nestle closed in the red.
Major News
Brent crude rose to a 7-year high at $89 per barrel. Oil prices were up amid ongoing supply concerns and escalating tensions in the Middle East.