Index Action:
Nifty50
Nifty50 witnessed a volatile session but eventually managed to close strong, up by 165 points at 17,562.
As suggested by monthly put options data, Nifty50 respected the support levels of 17,500 where the base is significant. Even today the 17,500 and 17,400 put options saw further addition indicating support at these levels.
Monthly call options also have a substantial base at 17,500 indicating a tussle between bulls and bears around this level. On the higher side, 17,700 and 18,000 call options have the next big open interest base.
Bank Nifty
Bank Nifty also had a volatile day. It bounced back from the lows of 36,525 and managed to close in the green at 37,235, up by 90 points.
Like the Nifty50, Bank Nifty also respected its substantial put base and bounced back from support levels of 36,500 and even closed above 37,000 which also has a significant open interest base.
On the monthly call options front, 37,500 and 38,000 strikes added further position today, indicating that these levels can again act at resistance levels.
Global Markets Update
Major European Markets opened positive and continue to trade higher by 1% to 1.5% Dow Futures also extended its gains and is now trading 300 points in the green.
Stock Action:
Todays’ Top Gainers were Mindtree, SAIL, PVR, Godrej Properties and JSW Steel.
Today’s Top Losers were Indiabulls Hsg., Hindustan Aeronautics, Maruti Suzuki, IRCTC and Polycab.
Major News
News flows around the future of the property market in China and the upcoming FOMC meeting are likely to keep the global markets on the edge in the coming days.