Index Action
Nifty50
The Nifty50 opened marginally above the 17,500 mark but could not sustain at higher levels. Gains in FMCG and oil & gas stocks pushed the index higher, while IT and pharma stocks were the laggards. At 12 pm today, it was trading 23 points lower at 17,474.
For March 31 options contracts, the Nifty50 has sizable positions at 17,600 and 17,500 call options and 17,500 and 17,400 put options. Further additions were seen in both 17,500 call and put options.
The Nifty50's immediate support is at 17,200 and resistance is at 17,700 levels.
Bank Nifty
The Bank Nifty had a positive start but lacked momentum and failed to hold on to higher levels. However, with 8 out of 12 bank stocks trading in the green, its breadth remains positive. At 12 pm today, it was trading 82 points higher at 36,416.
For March 31 options contracts, the Bank Nifty has sizable positions at 36,500 and 37,000 call options and 36,000 and 36,500 put options. Further additions were seen in both 36,500 call and put options.
The Bank Nifty's immediate support is at 35,800 and resistance is at 37,000 levels.
Stock Action
Top gainers: Tata Communications, Escorts, Page Industries, Jindal Steel and Power and AU Small Finance Bank.
Top losers: Hindalco, FSL, Balrampur Chini, Strides Pharma and Zee Entertainment.
Sector Update
Among sectors, FMCG and Oil & Gas indices witnessed buying interest today. Stocks like Marico, Godrej Consumer, Dabur, HPCL and Oil India are trading in the green.
The Pharma and IT indices came under selling pressure today. Stocks like Ipca Labs, Strides Pharma, Divi's Laboratories, Wipro and LTI are trading in the red.
Global Markets Update
Major European markets are likely to open mixed as their Futures are trading in the range of -0.2% to +0.1%. U.S. Futures are trading flat with a positive bias, up by 0.01%.