Index Action
Nifty50
In line with global cues, Nifty50 had a strong opening and touched a high of 17,639. Profit-booking was seen at higher levels as it came off the day’s high and is trading flat. At 12 pm today, it was trading 24 points higher at 17,535.
For December 16 options contracts, Nifty50 has sizable positions at 17,600 and 17,700 call options and 17,500 and 17,400 put options. Further, additions were seen in 17,600 call options and 17,500 put options.
Nifty50 has immediate support at 17,100 and resistance at 17,900 levels.
Bank Nifty
Bank Nifty opened on a positive note and saw follow-through buying. It crossed 37,500 but has cooled off a little from those levels. At 12 pm today, it was trading 350 points higher at 37,546.
For December 16 options contracts, Bank Nifty has sizable positions at 37,500 and 38,000 call options and 37,500 and 37,000 put options. Further additions were seen at both 37,500 call and put options.
Bank Nifty has immediate support at 36,400 and resistance at 37,900 levels.
Stock Action
Today’s top gainers are Strides Pharam,Birlasoft, Polycab, Piramal Enterprises and Coforge.
Today’s top losers are Zee Entertainment, Bajaj Finance, IEX, Jubilant Foodworks and Reliance Industries.
Sector Update
IT and Metals have emerged as the leading sectors with buying interest today. Stocks like Coforge, Mphasis, Tech Mahindra, NALCO and Hindalco are trading in the green.
Media and FMCG are seeing selling pressure today. Stocks like Zee Entertainment, Sun TV, Nestle and HUL are trading in the red.
Global Markets Update
Major European markets are likely to open in the green as their futures are trading up in by about 0.2%. US Futures are trading in the green, up by nearly 0.3%.