Index Action
Nifty50
Nifty50 opened marginally higher and has been in a tight range so far, swinging between negative and positive zones. It is trading 50 points lower at 17,660 levels
Today is the expiry for the September series contracts. Unlike the last few sessions, the movement today is subdued. Today’s VWAP* for Nifty September Futures is 17,698 and it is trading at 17,670 levels. This suggests that if Nifty50 fails to be above the VWAP* levels, traders will stick to short positions for the day.
The highest call option base is still at 18,000 followed by 17,800. For put options, the highest base is now at 17,700 followed by 17,600.
PCR-OI** data suggests immediate resistance at 17,800 and support at 17,600 levels.
Bank Nifty
Bank Nifty is trading down by 60 points at 37,690 levels.
The VWAP for Bank Nifty today is at 37,780 levels and like the Nifty50, as long as it trades below these levels traders are likely to stick to their bearish positions.
The highest call option base for the September series is at 38,000 followed by 38,500. For put options, the highest base continues to be at 37,500 followed by 37,000.
PCR-OI data suggests immediate resistance at 38,000 and support at 37,500 levels.
Global Markets Update
Major European markets have opened positive in the range of 0.3% to 0.7% US Futures are also trading positive, with the Dow Futures trading up by almost 250 points.
Stock Action: (Top Gainers and Top Losers in Futures segment)
Today’s top gainers are Coal India, Tata Power, IEX, Godrej Properties and GMR Infra.
Today’s top losers are HDFC AMC, Info Edge, Godrej Consumer, BEL and Metropolis.
Sector Update: (Top gainer sectors and Top Loser sectors)
PSU Banks continue their upward run followed by Realty and Pharma today. Stocks like Canara Bank, PNB, DLF, Sun Pharma and Dr.Reddy are trading higher today.
Media and IT are in red today but only marginally. Stocks like Zee TV, PVR, Tech Mahindra and TCS are trading lower.
*VWAP stands for Volume Weighted Average price. It is the average price of the contracts traded for the day.
**PCR-OI stands for Put-Call Ratio Open Interest.