Index Action
Nifty50
The Nifty50 opened above 17,500 and traded steadily in the first half. In the Union Budget, the Finance Minister announced expansion of highways by 25,000 kms bringing focus on Infrastructure and Logistics sectors. At 12 pm today, it was trading 255 points higher at 17,595.
For February 3 options contracts, Nifty50 has sizable positions at 17,500 and 17,800 call options and 17,000 and 17,100 put options. Further, additions were seen in both 17,800 call options and 17,100 put options.
The Nifty50 has immediate support at 17,000 and resistance at 17,700 levels.
Bank Nifty
After a positive opening, the Bank Nifty inched up to 38,800 levels but slipped from higher levels. In the Union Budget, the Finance Minister highlighted that the “Bad Bank” has started its operations to tackle the bad loans. At 12 pm today, it was trading 687 points higher at 38,663.
For February 3 options contracts, the Bank Nifty has sizable positions at 39,500 and 39,000 call options and 37,500 and 38,000 put options. Further additions were seen at 39,000 call and 38,000 put options.
The Bank Nifty has immediate support at 37,600 and resistance is at 38,900 levels.
Stock Action
Today’s top gainers are Sun Pharma, Vodafone Idea, Honeywell Automation, Britannia and Marico.
Today’s top losers are HPCL, IOC, Ashok Leyland, ABB and Tata Motors.
Sector Update
The Banking and Pharma sectors with buying interest emerged as the leading sectors today. Stocks like Sun Pharma, Laurus Labs, Aurobindo Pharma, IndusInd Bank and ICICI Bank are trading in the green.
The Auto and Media sectors came under selling pressure. Stocks like Ashok Leyland, Tata Motors, Tube Investments, Zee Entertainment and PVR are trading in the red.
Global Markets Update
Major European markets are likely to open higher as their futures are trading flat to positive in the range of +0.02% to +0.5%. US Futures are trading in the red, down by 0.2%.
Download the Upstox App Today