Index Action
Nifty50
Amid mixed global cues and rising crude prices, the Nifty50 opened lower and continued to slide. Losses in Auto and Financials stocks pulled the index lower. At 12 pm today, it was trading 200 points lower at 17,316.
For February 10 options contracts, the Nifty50 has sizable positions at 17,500 and 17,600 call options and 17,000 and 17,300 put options. Further, additions were seen in both 17,500 call options and 17,300 put options.
The Nifty50 has immediate support at 17,000 and resistance is at 17,700 levels.
Bank Nifty
The Bank Nifty is trading sharply lower in a weak market. At 12 pm today, it was trading 385 points lower at 38,403. However, the PSU Bank Index rose 2% (at 12 pm) after strong quarterly results reported by SBI and Bank of Baroda..
For February 10 options contracts, the Bank Nifty has sizable positions at 39,000 and 39,500 call options and 38,000 and 38,500 put options. Further additions were seen at 38,500 call and 38,000 put options.
The Bank Nifty has immediate support at 37,800 and resistance is at 38,900 levels.
Stock Action
Today’s top gainers are GNFC, Indigo, Bank of Baroda, Vedanta and Hindustan Copper.
Today’s top losers are Lupin, Torrent Power, Strides Pharma, FSL and ICICI Prudential.
Sector Update
The PSU Banks and Metal sectors emerged as the leading sectors with buying interest today. Stocks like Bank of Baroda, SBI, PNB, Vedanta and Hindustan Copper are trading in the green.
The Pharma and Auto sectors came under selling pressure. Stocks like Hero MotoCorp, TVS Motor, Exide, Lupin and Pfizer are trading in the red.
Global Markets Update
Major European markets are likely to open lower as their futures are trading flat to negative in the range of -0.3% to +0.02%. The US Futures are also trading with a negative bias, down by nearly 0.1%.