Index Action
Nifty50
The Nifty50 opened above the 17,300 mark but slid lower immediately. With a fall in FMCG and banking stocks, the index faced selling pressure at higher levels. Gains in metal and oil & gas stocks lent support. At 12 pm today, it was trading 53 points lower at 17,234.
For March 24 options contracts, the Nifty50 has sizable positions at 17,500 and 17,300 call options and 17,000 and 17,200 put options. Further, additions were seen in 17,300 call options and 17,200 put options.
The Nifty50’s immediate support is at 17,000 and resistance is at 17,600 levels.
Bank Nifty
The Bank Nifty hit an opening high of 36,600 but failed to sustain gains. With 10 out of the 12 stocks trading lower, its breadth remains negative. At 12 pm today, it was trading 266 points lower at 36,161.
For March 24 options contracts, the Bank Nifty has sizable positions at 37,000 and 36,500 call options and 36,000 and 35,000 put options. Further additions were seen in 36,500 call options and 36,000 put options.
The Bank Nifty’s immediate support is at 35,800 and resistance is at 37,000 levels.
Stock Action
Today’s top gainers are Balrampur Chini, Aurobindo Pharma, Strides Pharma, Alembic Pharma and NALCO.
Today’s top losers are Petronet LNG, Max Financial, Shriram Transport Finance, Godrej Consumer and ACC.
Sector Update
Among the sectoral indices, the metal and pharma sectors witnessed buying interest. Stocks like Vedanta, NALCO, JSPL, Aurobindo Pharma and Strides Pharma are trading in the green.
The FMCG and banking sectors came under selling pressure. Stocks like Godrej Consumer, Britannia, Marico, Bandhan Bank and Kotak Mahindra Bank 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 -1% to +0.3%. The U.S Futures are trading lower, down by 0.4%.
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