Index Action:
Nifty50
Today, Nifty50 is trading in a narrow range. At the time of writing this, it was trading up by 15 points at 17,577. A high base at 17,500 for both call and put options is an indication that Nifty50 can remain range-bound for a few days.
17,700 and 18,000 call options have a noteworthy base indicating the resistance levels for the Nifty50.
The 17,500 and 17,300 put option saw further additions today and the 17,000 put option also has a substantial base, suggesting that these can be the immediate support level for the Nifty50.
Bank Nifty
Bank Nifty is trading in the red, down by 70 points at 37,061 levels.
It is holding above 37,000 which has a high put base followed by 36,500 from where the Bank Nifty bounced yesterday.
37,500 and 38,000 have the two big call option bases and can act resistance levels if the Bank Nifty were to climb higher.
Global Markets Update
After yesterday’s rise, major European markets have continued their upward momentum and opened about 1% higher. US Futures are trading higher with the Dow Futures trading up by 200 points.
Stock Action: (Top Gainers and Top Losers in Futures segment)
Today’s top gainers are Zee TV, DLF, Godrej Properties, Strides Pharma and Indiamart
Today’s top losers are Vodafone Idea, PI Industries, Metropolis, Indigo and Polycab
Sector Update: (Top gainer sectors and Top Loser sectors)
Media and Realty sectors are up today and even Metals continue to rise with upward momentum today. Zee TV, DLF, Coal India and Hindalco are the stocks in these sectors that are trading higher.
Financial Services, Banks and FMCG are witnessing selling pressure today and are trading in the red. HDFC, HDFC Bank, Godrej Consumers and HUL are some of the stocks that are lower in trade today.