Index Action
Nifty50
Amid weakness across global markets, Nifty50 opened lower and has been under pressure throughout the first session. Losses across most sectors, led by financials, IT and oil & gas, dragged Nifty50 lower. At 12 pm today, it was trading 225 points lower at 17,700.
For January 6 options contracts, Nifty50 has sizable positions at 18,000 and 17,800 call options and 17,600 and 17,500 put options. Further, additions were seen in both 17,800 call options and 17,700 put options.
Nifty50 has immediate support at 17,400 and resistance is at 18,100 levels.
Bank Nifty
After a stellar rally over the last few days, Bank Nifty came under profit-booking. It has tanked more than 600 and bounced back from 37,058. At 12 pm today, it was trading 453 points lower at 37,242.
For January 6 options contracts, Bank Nifty has sizable positions at 37,500 and 38,000 call options and 37,000 and 37,200 put options. Further additions were seen at 37,500 call options and 37,200 put options.
Bank Nifty has immediate support at 36,700 and resistance is at 38,100 levels.
Stock Action
Today’s top gainers are NBCC, Vodafone-Idea, Balrampur Chini, Indus Towers and AB Capital.
Today’s top losers are Adani Ports, Persistent, Hindustan Copper, Mphasis and JSW Steel.
Sector Update
Media and PSU Banks have emerged as the leading sectors with buying interest. Stocks like Sun TV, Zee Entertainment, Bank of Baroda, SBI and PNB are trading in the green.
Realty and IT sectors came under selling pressure today. Stocks like Godrej Properties, DLF, LTI, Mphasis and Infosys are trading in the red.
Global Markets Update
Major European markets are likely to open lower as their futures are trading in the range of -1.8% to -0.4%. US Futures are also trading in the red, down nearly 0.3%.