Index Action
Nifty50
The Nifty50 extended gains to the third consecutive day, as investors cheered RBI's dovish stance to keep the rates unchanged. IT, Metal and Financial lead the rally, while Auto stocks slipped.The Nifty50 soared 142 points higher to 17,605.
The Nifty50’s monthly options expiring on February 24 have sizable positions at 18,000 and 18,500 call options and 16,500 and 17,000 put options.
The Nifty50’s weekly options expiring on February 17 have sizable positions at 17,700 and 18,000 call options and 17,600 and 17,400 put options.
As per options data, the broad range for the Nifty50 is between 16,400 and 18,400 levels. Its immediate support is at 17,000 and resistance is at 17,900 levels.
Bank Nifty
The Bank Nifty surged and spent a significant part of the day above the 39,000 mark, led by gains in private banks. It climbed 400 points to 39,010.
The Bank Nifty’s monthly options expiring on February 24 have sizable positions at 39,000 and 40,000 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 39,000 and 38,500 put options.
As per options data, the broad range for the Bank Nifty is between 37,500 and 40,500 levels. Its immediate support is at 38,100 and resistance is at 39,900 levels.
Stock Action
Today’s top gainers were Jindal Steel and Power, FSL, Aurobindo Pharma, GNFC and Vodafone-Idea.
Today's top losers were Page Industries, Ipca Labs, Bharat Forge, PNB and CG Consumer.
Sector Update
Among the Nifty sectoral indices, Metal and Financial emerged as the leading sectors. Stocks like Jindal Steel and Power, Tata Steel, NMDC, Federal Bank and HDFC Bank closed in the green.
Auto and PSU Banks came under selling pressure. Stocks like Bharat Forge, Maruti Suzuki, Ashok Leyland, PNB and Canara Bank closed in the red.
Major News
The RBI, in its monetary policy announcement today, kept the repo rate and the reverse repo unchanged. It also projected India’s economic growth for FY23 at 7.8%, while the inflation projection for FY23 is 4.5% and FY22 at 5.3%