Index Action
Nifty50
In line with global cues, the Nifty50 started the day on a negative note, but soon recouped losses. The broader markets were seen consolidating. Gains in Pharma and Banking stocks pushed the index higher, while Auto and FMCG stocks dragged it lower. At 12 pm today, the Nifty50 was trading 46 points higher at 16,641.
For March 17 options contracts, the Nifty50 has sizable positions at 17,000 and 16,800 call options and 16,500 and 16,300 put options. Further additions were seen in 16,800 call options and 16,500 put options.
The Nifty50’s immediate support is at 16,200 and resistance is at 17,000 levels.
Bank Nifty
The Bank Nifty slipped to 34,100 levels at opening but staged a sharp recovery to 34,900 levels. With overall breadth being positive, 9 out of its 12 stocks are trading higher. At 12 pm today, it was trading 137 points higher at 34,612.
For March 17 options contracts, the Bank Nifty has sizable positions at 36,000 and 35,000 call options and 34,000 and 34,500 put options. Further additions were seen in 35,000 call options and 34,500 put options.
The Bank Nifty’s immediate support is at 33,800 and resistance is at 35,400 levels.
Stock Action
Today’s top gainers are Laurus Labs, MCX India, Granules, GNFC and Balrampur Chini.
Today’s top losers are Dalmia Bharat, Havells, Manappuram, Motherson Sumi and Tata Motors.
Sector Update
Among the sectoral indices, the Pharma and Banking sectors saw buying interest. Stocks like Laurus Labs, Granules, Cipla, Axis Bank and SBI are trading in the green.
The Auto and FMCG sectors came under selling pressure. Stocks like Tata Motors, Maruti Suzuki, Ashok Leyland, Tata Consumer and Nestle are trading in the red.
Global Markets Update
Major European markets are likely to open mixed as their Futures are trading in the range of -2.4% to +0.5%. US Futures are trading higher, up by 0.1%.