Index Action
Nifty50
In line with positive global cues, the Nifty50 opened higher and traded near 17,300. Gains in pharma, cement and financial stocks pushed the index higher, while oil & gas and IT stocks played spoilsport. At 12 pm today, it was trading 35 points higher at 17,257.
For March 31 options contracts, the Nifty50 has sizable positions at 17,300 and 17,500 call options and 17,200 and 17,000 put options. Further additions were seen in 17,300 call and 17,200 put options.
The Nifty50's immediate support is at 16,900 and resistance is at 17,500 levels.
Bank Nifty
The Bank Nifty opened higher but failed to sustain gains. With 9 out of 12 banking stocks trading in red, at 12 pm today, it was trading flat at 35,707.
For March 31 options contracts, the Bank Nifty has sizable positions at 36,000 and 36,500 call options and 35,000 and 35,500 put options. Further additions were seen in 36,000 call options and 35,500 put options.
The Bank Nifty's immediate support is at 35,000 and resistance is at 36,200 levels.
Stock Action
Top gainers: JK Cement, Intellect Design, PI Industries, Bharti Airtel and Dalmia Bharat.
Top losers: PVR, Coal India, ONGC, IDFC and Bandhan Bank.
Sector Update
Among sectors, Pharma and Realty indices witnessed buying interest today. Stocks like Divi's Laboratories, Ipca Labs, Glenmark Pharma, Godrej Properties and DLF are trading in the green.
The Media and Oil & Gas indices came under selling pressure today. Stocks like PVR, ONGC, Oil India, GSPL and Reliance Industries are trading in the red.
Global Markets Update
Major European markets are likely to open higher as their Futures are trading in the range of 0.3% to 1%. U.S Futures are trading higher, up by 0.1%.