Nifty50:
Nifty50 opened lower and managed to recover and trade in the green for some time before slipping again. Nifty50 finally closed 188 down at 17,396, near the day’s low. Global cues and the upcoming FOMC meet added to the factors for the slip. On the monthly Options front, 17,500 call options has a substantial Open Interest base and can be an immediate resistance level. The 17,500 put option still has a significant base but the NIFTY50 is now trading below these levels. On the downside, 17,200 and 17,000 put options have a substantial open interest base and can be immediate supports.
Bank Nifty:
Bank Nifty also closed near the lows of the day at 37,145 with a drop of 666 points. According to its monthly options data, 37,500 and 38,000 Call option strikes have significant open interest bases and these levels can act as resistance. While for put options, 37,000 and 36,500 have substantial open interest bases and can act as immediate support levels.
Global Markets Update:
Major European Markets opened negative and slipped into the red and are trading close to 2%
negative. Dow futures too extended its losses and is trading 500 points down.
Stock Action:
Todays’ Top Gainers were Indian Hotels, GMR Infra, HUL, Marico and PVR.
Today’s Top Losers were Tata Steel, Jindal Steel, Nalco, NMDC and JSW Steel.
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