Index Action
Nifty50
Tracking positive global cues, the Nifty50 opened above 17,400 but gave up its gains. Sectorally, auto and financial stocks came under selling pressure, while pharma and IT stocks lent support. At 12 pm today, it was trading 36 points down at 17,278.
For March 24 options contracts, the Nifty50 has sizable positions at 17,500 and 17,400 call options and 17,300 and 17,200 put options. Further, additions were seen in 17,400 call options and 17,300 put options.
The Nifty50's immediate support is at 16,900 and resistance is at 17,600 levels.
Bank Nifty
The Bank Nifty fell nearly 600 points from the day’s high of 36,827 and is trading in the red. At 12 pm today, it was trading 123 points down at 36,224.
For March 24 options contracts, the Bank Nifty has sizable positions at 37,000 and 36,500 call options and 36,000 and 35,500 put options. Further additions were seen in 36,500 call options and 36,000 put options.
The Bank Nifty's immediate support is at 35,400 and resistance is at 37,200 levels.
Stock Action
Today’s top gainers are L&T Finance, Indian Hotels, MGL, IEX and Strides Pharma.
Today’s top losers are GNFC, Chambal Fertilisers, PI Industries, Navin Fluorine and Info Edge.
Sector Update
Among the sectors, Pharma and IT indices witnessed buying interest. Stocks like Strides Pharma, Dr.Reddy's, Alkem Labs, Mindtree and Tech Mahindra are trading in the green.
The Auto and Metal sectors came under selling pressure. Stocks like Hero MotoCorp, M&M, Maruti, Coal India and NMDC are trading in the red.
Global Markets Update
Major European markets are likely to open higher as their Futures are trading in the green in the range of 0.4% to 1.1%. US Futures are trading higher, up by 0.7%.
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