Index Action
Nifty50
The Nifty50 opened on a strong note and is trading steadily in the green after investors cheered the Union Budget for FY23. Gains across sectors pushed the index higher, with IT and Financials being the top gainers. At 12 pm today, it was trading 255 points higher at 17,595.
For February 3 options contracts, the Nifty50 has sizable positions at 18,000 and 17,800 call options and 17,600 and 17,700 put options. Further, additions were seen in both 18,000 call options and 17,500 put options.
The Nifty50 has immediate support at 17,200 and resistance at 18,000 levels.
Bank Nifty
The Bank Nifty opened strong and conquered the 39,000 mark with ease. With all the 12 stocks trading in the green, the overall breadth of the index remains strong. At 12 pm today, it was trading 721 points higher at 39,227.
For February 3 options contracts, the Bank Nifty has sizable positions at 40,000 and 39,500 call options and 39,000 and 38,500 put options. Further additions were seen at 39,500 call and 39,000 put options.
The Bank Nifty has immediate support at 38,100 and resistance is at 39,800 levels.
Stock Action
Today’s top gainers are Vodafone-Idea, CanFin Homes, Indiamart, Bajaj Finserv and Dixon Technologies.
Today’s top losers are Chambal Fertilisers, Tech Mahindra, Persistent, Balkrishna Industries and Oberoi Realty.
Sector Update
The Media and Banking sectors emerged as the leading sectors with buying interest. Stocks like Zee Entertainment, Sun TV, IndusInd Bank, AU Small Finance Bank and Kotak Mahindra are trading in the green.
No major sector is 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 +0.08% to +1.7%. The US Futures are trading in the green, up by 0.1%.