Index Action
Nifty50
In line with Asian markets, the Nifty50 rebounded to 16,700 levels after yesterday’s steep slide. At 12 pm today, it was trading 430 points higher at 16,678. Among sectors, the PSU Bank Index was up over 5%, with Metal and Realty next in line.
For March 3 options contracts, the Nifty50 has sizable positions at 17,000 and 16,800 call options and 16,500 and 16,600 put options. Further, additions were seen in both 16,800 call options and 16,500 put options.
The Nifty50’s immediate support is at 16,300 and resistance is at 17,000 levels.
Bank Nifty
The Bank Nifty opened higher and crossed the 36,500 mark. With PSU Banks outperforming the private banks, the Bank Nifty was trading 1,239 points higher at 36,467.
For March 3 options contracts, the Bank Nifty has sizable positions at 37,000 and 37,500 call options and 36,000 and 35,500 put options. Further additions were seen in 37,000 call options and 36,000 put options.
The Bank Nifty’s immediate support is at 35,600 and resistance is at 37,400 levels.
Stock Action
Today’s top gainers are NBCC, Rain Industries, RBL Bank, IDFC First Bank and PNB.
Today’s top losers are Britannia and Nestle.
Sector Update
All the major sectoral indices are trading in green, with PSU Bank and Metal being the top gainers. Stocks like JSPL, Hindustan Copper, NALCO, PNB and Bank of Baroda are trading in the green.
Global Markets Update
Major European markets are likely to open mixed as their Futures are trading in the range of -2.2% to +1.2%. The US Futures are trading lower, down by 0.4%.