Index Action
Nifty50
After a sharp drop to 16,800 levels at opening, Nifty50 recovered more than 300 points to trade firmly in the green. At 12 pm today, it was trading 104 points higher at 17,131.
For December 2 options contracts, 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 17,300 call options and 16,800 put options.
Nifty50 has immediate support at 16,700 and resistance at 17,600 levels.
Bank Nifty
Bank Nifty touched a low of 35,327 and has recovered nearly 900 points but continues to underperform the broader markets. At 12 pm today, it was trading 102 points higher at 36,128.
For December 2 options contracts, Bank Nifty has sizable positions at 37,000 and 37,500 call options and 35,000 and 35,500 put options. Further additions were seen at 36,500 call options and 35,500 put options.
Bank Nifty has immediate support at 35,300 and resistance at 36,800 levels.
Stock Action
Today’s top gainers are Dr. Lal Pathlabs, Vodafone Idea, Metropolis, Pfizer and Hindalco.
Today’s top losers are Delta Corp., Indian Hotels, IRCTC, Indiabulls Housing Finance and Granules India.
Sector Update
IT and Metal sectors have emerged as the leading sectors with buying interest today. Stocks like HCL Technologies, TCS, Wipro, Hindalco and Tata Steel are trading in the green.
Media and Realty sectors are seeing selling pressure today. Stocks like Zee Entertainment, PVR, and Oberoi Realty trading in the red.
Global Markets Update
Major European markets are likely to open mixed as their futures are trading in the range of -5.2% and +1.6%. US Futures have recovered from the day’s low and are trading in the green, up by nearly 0.5%.