Index Action
Nifty50
The Nifty50 failed to sustain the positive start and slipped to 17,000 levels. Weakness across sectors pulled the index lower with, Financial, Energy and IT stocks being the biggest drags. However, Nifty50 has recovered sharply from the day’s lows and is trading 26 points lower at 17,187 (12 pm).
For February 10 options contracts, the Nifty50 has sizable positions at 17,500 and 17,300 call options and 17,000 and 16,800 put options. Further, additions were seen in both 17,300 call options and 17,000 put options.
The Nifty50’s immediate support is at 16,800 and resistance is at 17,700 levels.
Bank Nifty
The Bank Nifty tanked more than 900 points from the day’s high but staged a smart recovery from the lows. At 12 pm today, it was trading 392 points lower at 37,602. Amid the weak market, 10 out of 12 stocks of the index are trading in the red.
For February 10 options contracts, the Bank Nifty has sizable positions at 38,500 and 38,000 call options and 37,500 and 37,000 put options. Further additions were seen at 38,000 call and 37,500 put options.
The Bank Nifty’s immediate support is at 37,000 and resistance is at 38,600 levels.
Stock Action
Today’s top gainers are Pfizer, Biocon, TVS Motor, ICICI Lombard and Chola Investments.
Today’s top losers are Tata Power, Balrampur Chini, GSPL, NALCO and Indiabulls Housing Finance.
Sector Update
Pharma and Auto emerged as the leading sectors with buying interest today. Stocks like Pfizer, Biocon, Cipla, TVS Motor and MRF are trading in the green.
Realty and Energy sectors came under selling pressure. Stocks like DLF, Godrej Properties, Tata Power, GAIL and ONGC are trading in the red.
Global Markets Update
Major European markets are likely to open higher as their futures are trading flat to positive in the range of 0.04% to 0.3%. US Futures are flat trading with a negative bias, down by nearly 0.01%.