Index Action
Nifty50
In the opening session, the Nifty50 dipped below 17,000 but managed the comeback above the psychologically important mark. At 12 pm today, it was trading 352 points lower at 17,022. Investor sentiment is cautious amid heightened geopolitical tensions between Russia and Ukraine and a sharp spike in crude prices.
For February 17 options contracts, the Nifty50 has sizable positions at 17,500 and 17,400 call options and 17,000 and 16,900 put options. Further, additions were seen in 17,100 call options and 17,000 put options.
The Nifty50’s immediate support is at 16,700 and resistance is at 17,500 levels.
Bank Nifty
The Bank Nifty had a steep fall and is underperforming the Nifty50 by more than 1%. All the 12 stocks of the banking index are trading in the red. At 12 pm today, it was trading 1,184 points lower at 37,332.
For February 17 options contracts, the Bank Nifty has sizable positions at 37,500 and 38,000 call options and 37,000 and 36,500 put options. Further additions were seen in 37,500 call and 37,000 put options.
The Bank Nifty’s immediate support is at 36,400 and resistance is at 38,600 levels.
Stock Action
Today’s top gainers are ONGC, Apollo Hospitals, Cummins India, Aurobindo Pharma and Sun TV.
Today’s top losers are Metropolis, LIC Housing Finance, JSW Steel and GMR Infra.
Sector Update
All the Nifty sectoral indices are trading in red. The banking, metal and auto were the biggest drags. Stocks like Federal Bank, PNB, JSW Steel, Hindustan Copper and Ashok Leyland 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 0.05% to 0.4%. The US Futures have recovered from the lows and are trading in the green, up by 0.1%.