Index Action
Nifty50
Nifty50 continued its upward momentum from yesterday, led by IT and Financial stocks. At 12 pm today, it was trading 245 points higher at 17,422.
For December 9 options contracts, Nifty50 has sizable positions at 17,500 and 17,400 call options and 17,000 and 17,300 put options. Further, additions were seen in 17,650 call options and 17,300 put options.
Nifty50 has immediate support at 16,900 and resistance at 17,600 levels.
Bank Nifty
Bank Nifty had a gap up opening and follow through buying saw it cross 37,000 level. The RBI Governor announced that the Monetary Policy Committee had opted to keep the repo and reverse repo rates unchanged. The projection for real GDP growth in 2021-22 has been retained at 9.5%. At 12 pm today, Bank Nifty was trading 548 points higher at 37,167.
For December 9 options contracts, Bank Nifty has sizable positions at 37,500 and 37,000 call options and 36,500 and 37,000 put options. Further additions were seen at 37,500 call options and 37,000 put options.
Bank Nifty has immediate support at 36,100 and resistance at 37,800 levels.
Stock Action
Today’s top gainers are MCX, Indian Hotels, Jindal Steel, Delta Corp and Mindtree.
Today’s top losers are Whirlpool, Vedanta, HDFC Life, GMR Infra and CG Consumer.
Sector Update
IT and Banking sectors have emerged as the leading sectors with buying interest today. Stocks like Mindtree, Mphasis, HCLTech, ICICI Bank and SBI are trading in the green.
No major sectoral 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 flat to positive in the range of 0.01% and 2.8%. US Futures are trading in the green, up by nearly 0.3%.
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