Index Action
Nifty50
The Nifty50 recovered and traded in the green briefly before slipping deep in the red to 15,700 levels. Banking and Metal stocks came under selling pressure, while IT and Pharma stocks were major gainers. At 12 pm today, the Nifty50 was trading 156 points lower at 15,706.
For March 10 options contracts, the Nifty50 has sizable positions at 16,000 and 15,800 call options and 15,800 and 15,500 put options. Further additions were seen in both 15,800 call and put options.
The Nifty50's immediate support is at 15,500 and resistance is at 16,400 levels.
Bank Nifty
The Bank Nifty slipped to 32,200 levels and is underperforming the Nifty50 by more than 0.5%. With 8 out of its 12 stocks trading in red, the Bank Nifty is down 615 points to 32,255.
For March 10 options contracts, the Bank Nifty has sizable positions at 33,000 and 32,500 call options and 32,000 and 31,000 put options. Further additions were seen in 33,000 call options and 32,000 put options.
The Bank Nifty's immediate support is at 31,800 and resistance is at 33,800 levels.
Stock Action
Today’s top gainers are IGL, MGL, Chambal Fertilisers, Gujarat Gas and Godrej Consumer.
Today’s top losers are Escorts, Motherson Sumi, NALCO, SAIL and Tata Steel.
Sector Update
Among sectors, IT and Pharma indices saw buying interest. Stocks like Mindtree, TCS, Tech Mahindra, Ipca Labs and Biocon are trading in the green.
The Metal and Banking indices came under selling pressure. Stocks like NALCO, Tata Steel, Hindalco, Axis Bank and SBI 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 -2.2% to -0.4%. The US Futures are also trading lower, down by 0.6%.
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