Index Action
Nifty50
The Nifty50 opened lower and continued to swing between zones. Investors welcomed reports that Russia's foreign minister has agreed to meet his U.S. counterpart. Meanwhile, gains in Metals and Financial stocks pushed the index higher, while IT and Pharma dragged it lower. At 12 pm today, it was trading 23 points higher at 17,328.
For February 24 options contracts, Nifty50 has sizable positions at 17,500 and 17,300 call options and 17,000 and 17,300 put options. Further, additions were seen in both 17,300 call options and put options.
The Nifty50's immediate support is at 16,900 and resistance is at 17,600 levels.
Bank Nifty
The Bank Nifty recovered opening losses and hovered around the 37,500 mark for most of the first half. The overall breadth of the banking index is positive, with PSU banks leading the way. At 12 pm today, it was trading 105 points higher at 37,637.
For February 24 options contracts, the Bank Nifty has sizable positions at 38,000 and 37,500 call options and 37,500 and 37,000 put options. Further additions were seen in both 37,500 call and put options.
The Bank Nifty's immediate support is at 36,900 and resistance is at 38,600 levels.
Stock Action
Today’s top gainers are Voltas, Coal India, Torrent Power, Vodafone Idea and SBI Life.
Today’s top losers are Ambuja Cements, Motherson Sumi, FSL, Indigo and Info Edge.
Sector Update
Metal and PSU Bank emerged as the leading sectors with buying interest today. Stocks like Coal India, Jindal Steel and Power, Tata Steel, Canara Bank and Bank of Baroda are trading in the green.
Pharma and FMCG sectors came under selling pressure. Stocks like Cipla, Divis Labs, Aurobindo Pharma, United Spirits 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 -0.8% to +0.8%. The US futures are trading higher, up by 0.4%.
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