Index Action
Nifty50
Nifty50 opened deep in the red but saw a V-shaped recovery. It largely recouped early morning losses and reclaimed 17,000 mark. At 12 pm today, it was trading 17 points higher at 17,021.
For December 30 options contracts, Nifty50 has sizable positions at 17,000 and 17,200 call options and 17,000 and 16,800 put options. Further, additions were seen in both 17,200 call options and 16,900 put options.
Nifty50 has immediate support at 16,700 and resistance is at 17,300 levels.
Bank Nifty
Bank Nifty nosedived to 34,200 levels in opening trade mainly due to sharp fall in RBL Bank. It has recovered most of the lost ground and was trading 44 points lower at 34,812 at 12 pm.
For December 30 options contracts, Bank Nifty has sizable positions at 35,000 and 35,500 call options and 34,500 and 34,000 put options. Further additions were seen at 35,000 call options and 34,700 put options.
Bank Nifty has immediate support at 34,200 and resistance is at 35,600 levels.
Stock Action
Today’s top gainers are Laurus Labs, GMR Infra, Torrent Pharma, Tech Mahindra and FSL.
Today’s top losers are RBL Bank, Bandhan Bank, IndusInd Bank, IGL and Vedanta.
Sector Update
Pharma and IT sectors emerged as the leading sectors with buying interest. Stocks like Torrent Pharma, Lupin, Cipla, Tech Mahindra and HCL Tech are trading in the green.
The Media and Metal sectors came under selling pressure. Stocks like Zee Entertainment, Sun TV, Vedanta, Hindalco and Jindal Steel & Power are trading in the red.
Global Markets Update
Major European markets are likely to open in the red as their futures are trading lower by 0.2%. US Futures are trading lower, down by nearly 0.1%.