Index Action
Nifty50
Nifty50 opened strong and has seen follow-through buying at every dip led by the Banking stocks. Global markets were excited on reports suggesting that the Omicron variant may not be as severe as initially perceived, although it is early to conclude this. At 12 pm today, Nifty50 was trading 261 points higher at 17,173.
For December 9 options contracts, Nifty50 has sizable positions at 17,500 and 17,600 call options and 17,000 and 16,900 put options. Further, additions were seen in 17,200 call options and 17,000 put options.
Nifty50 has immediate support at 16,800 and resistance at 17,600 levels.
Bank Nifty
Bank Nifty opened on a positive note and is outperforming the Nifty50 by nearly 1%. Upcoming monetary policy announcement tomorrow will keep the focus on Bank Nifty. At 12 pm today, it was trading 894 points higher at 36,630.
For December 9 options contracts, Bank Nifty has sizable positions at 37,000 and 37,500 call options and 36,000 and 36,500 put options. Further additions were seen at 37,000 call options and 36,300 put options.
Bank Nifty has immediate support at 35,800 and resistance at 37,200 levels.
Stock Action
Today’s top gainers are NALCO, PVR, SAIL, Torrent Pharma and Hindalco.
Today’s top losers are Metropolis, Strides Pharma, Dr.Lal Pathlabs, Vodafone Idea and Zee Entertainment.
Sector Update
The banking and Metal sectors have emerged as the leading sectors with buying interest today. Stocks like Kotak Mahindra Bank, ICICI Bank, Axis Bank, NALCO and Hindalco are trading in the green.
No major index is trading in the red so far.
Global Markets Update
Major European markets are likely to open in the green as their futures are trading higher in the range of 0.1% and 1.7%. US Futures are trading steadily in the green, up by nearly 0.5%.