Index Action
Nifty50
After the gap-down start, the Nifty50 staged a strong recovery and snapped the five days of losses. Gains in Banking and Auto stocks pushed the Nifty50 higher. It rose 128 points to close at 17,277.
The Nifty50’s monthly options expiring on January 27 have sizable positions at 17,500 and 17,600 call options and 17,000 and 16,500 put options.
As per options data, the broad range for the Nifty50 is between 16,400 and 17,900 levels. Its immediate support is at 16,900, and resistance is at 17,500 levels.
Bank Nifty
The Bank Nifty rose sharply and gained 2% on Tuesday. All 12 stocks of the index closed higher as it jumped 759 points to close at 37,706.
The Bank Nifty’s monthly options expiring on January 27 have sizable positions at 38,000 and 39,000 call options and 36,000 and 37,000 put options.
As per the options data, the broad range for the Bank Nifty, is between 35,500 and 38,800 levels. Its immediate support is at 36,400, and resistance is at 38,300 levels.
Stock Action
Today’s top gainers were Maruti Suzuki, Zee Entertainment, Bank of Baroda, Axis Bank and NALCO.
Today's top losers were Indiamart, Astral, Deepak Nitrite, Ramco Cements and Trent.
Sector Update
Among the Nifty sectoral indices, PSU Banks and Auto were the top gainers. Stocks like Bank of Baroda, Canara Bank, SBI, Maruti Suzuki and Hero Motocorp closed in the green.
The IT sector came under selling pressure today. Stocks like Wipro, Mindtree, Coforge, Infosys and Tech Mahindra closed in the red.
Major News
The initial public offering (IPO) of Vedanta Fashions Ltd, which owns ethnic wear brand Manyavar, will open on February 4 and close on February 8. The public issue is purely an offer-for-sale of over 3.6 crore shares by existing shareholders and promoters. Click here to apply for the IPOs on Upstox.