Index Action
Nifty50
The Nifty50 opened higher but dipped nearly 200 points from day’s high to trade in the red zone. Gains in Pharma and Energy stocks provided the upside support, while Banking and FMCG stocks dragged the index lower. At 12 pm today, it was trading 36 points lower at 17,315.
For February 17 options contracts, the Nifty50 has sizable positions at 17,500 and 17,600 call options and 17,000 and 17,200 put options. Further, additions were seen in 17,500 call options and 17,200 put options.
The Nifty50’s immediate support is at 16,800 and resistance is at 17,600 levels.
Bank Nifty
The Bank Nifty opened higher but slipped below the 38,000 mark amid profit-booking. At 12 pm today, both PSU and private banks dragged the index 303 points lower at 37,866.
For February 17 options contracts, the Bank Nifty has sizable positions at 38,500 and 38,000 call options and 38,000 and 37,500 put options. Further additions were seen in both 38,000 call and put options.
The Bank Nifty’s immediate support is at 37,500 and resistance is at 39,300 levels.
Stock Action
Today’s top gainers are M&M Financial, CG Consumer, Adani Ports, Abbott India and Strides Pharma.
Today’s top losers are FSL, Syngene International, Balkrishna Industries, Bank of Baroda and Atul Ltd.
Sector Update
Realty and Energy emerged as the leading sectors with buying interest today. Stocks like Godrej Properties, DLF, ONGC, IOC and Tata Power are trading in the green.
Banking and FMCG sectors came under selling pressure today. Stocks like SBI, ICICI Bank, HDFC Bank, Marico and Dabur are trading in the red.
Global Markets Update
Major European markets are likely to open higher as their futures are trading positive in the range of 0.2% to 1.8%. The US futures are trading flat with a negative bias, down by 0.09%.