Index Action
Nifty50
Nifty50 saw profit-booking today and hit a low of 17,576. It recovered sharply from the lows of the day to close 106 points down at 17,748.
The highest call option base for September series is at 18,000 and 17,900 strikes. For put options the highest base is still at 17,000 and 17,500. Even the 17,600 put options saw additions today.
PCR-OI data indicates immediate support and resistance continues to be at 17,600 and 18,200 levels respectively.
Bank Nifty
Bank Nifty also followed a similar trajectory today. It touched a low of 37,315 and recovered nearly 700 points from there. It closed at 37,945; down by 226 points.
The highest call option base for this series is now at 39,000 and 38,000 strikes. For put options it is now at 37,000 followed by 36,000 strikes. Even the 38,000 strike saw further additions today.
PCR-OI data indicates immediate support and resistance at 37,500 and 38,500 respectively.
Global Markets Update
Major European markets are trading down by 0.5% to 1.5%. Dow Futures has come down and is now trading 175 points in the red.
Stock Action
Todays’ Top Gainers were BHEL, Power Finance, REC, HPCL and Power Grid.
Today’s Top Losers were HDFC AMC, Mindtree, Coforge, Zee TV and Dr. Lal Pathlab.
Major News
Tapering worries, spike in U.S. bond yields and rising crude oil prices were some of the reasons for the profit-booking witnessed today across global markets, including India.