F&O Market Recap Update for 7 October 2021 

Index Action

Nifty50

Nifty50 bounced back after yesterday’s sell and closed firmly in the green today. It saw profit-booking at 17,850 levels and closed 144 points up at 17,790 levels. 

Monthly options for October series have sizable positions at 18,000 and 18,500 call options and 17,500 and 17,000 put options. Further additions were seen at both 17,800 call and put options suggesting that this is now a pivotal level for Nifty50. A substantial move either side of this can set the directional trend for the Nifty50.  

Options data suggests Nifty50 has support at 17,500 and resistance at 18,000 levels. 

Bank Nifty

Bank Nifty saw profit-booking at 37,900 levels and closed 231 points higher at 37,753 levels. 

Monthly options for October series have sizable positions at 38,000 and 38,900 call options and 37,500 and 37,000 put options. Further additions were seen at the 38,000 call options and 37,500 put options. 

Bank Nifty has immediate support at 37,500 levels and resistance at 38,000 levels. 

Global Markets Update 

Major European indices are holding on to their positive opening and are trading abount 1% positive. Dow Futures has built further on its gains and trades 180 points higher. 

Stock Action

Todays’ Top Gainers were Tata Motors, Titan, Page Industries, Oberoi Realty and MCX India.  

Today’s Top Losers were ONGC, GAIL, Indus Towers, Abbott India and Navin Fluorine. 

Major News 

Banking sector will be in focus as RBI is set to announce the credit policy tomorrow at 10am. Along with the interest rate announcement, market participants will pay close attention to the RBI commentary for directional guidance.