F&O Market Recap for 6 December 2021

Index Action 

Nifty50

Nifty50 was in total grip of the bears as sell-off continued. Led by the IT stocks, Nifty50 breached 17,000 to close near the day’s low. It closed 284 points lower at 16,912.

Nifty50’s monthly options expiring on December 30 have sizable positions at 18,000 and 17,500 call options and 17,000 and 16,000 put options. 

Nifty50’s weekly options expiring on December 9 have sizable positions at 17,500 and 17,300 call options and 16,900 and 16,500 put options. 

The broad range for Nifty50, as per options data, is between 16,150 and 18,200 levels. Its immediate support is at 16,700 and resistance is at 17,400 levels.

Bank Nifty

Bank Nifty traded near 36,000 for a good part of the day but eventually gave in to the selling pressure and closed lower. It closed 461 points lower at 35,735. 

Bank Nifty’s monthly options expiring on December 30 have sizable positions at 37,500 and 37,000 call options and 34,000 and 35,000 put options. 

Bank Nifty’s weekly options expiring on December 9 have sizable positions at 37,000 and 36,500 call options and 36,000 and 35,500 put options. 

The broad range for Bank Nifty, as per the options data, is between 34,700 and 37,900 levels. Its immediate support is at 35,200 and resistance is at 36,600 levels. 

Stock Action

Today’s top gainers were Vodafone Idea, Zee Entertainment, Metropolis, UPL and Cummins. 

Today's top losers were Coal India, PVR, Indus Towers, Dalmia Bharat and L&T Infotech. 

Sector Update 

No major index closed in the green today. 

The IT and Pharma sectors, followed by the Auto sector, saw selling pressure today. Stocks like L&T Infotech, Coforge, Divis Laboratories, Dr.Reddys and Tata Motors closed in the red.

Major News

Russian President Vladimir Putin is in India for the annual summit with Prime Minister Narendra Modi. Both the countries are expected to ink more than 10 bilateral agreements including issues like connectivity, shipping, space, military-technical cooperation, science and technology, education, and culture. Indian defence stocks are expected to benefit from the defence deals that include manufacturing of over six lakh AK-203 assault rifles in Amethi by an Indo-Russian joint venture.