F&O Market Recap for 7 December 2021

Index Action 

Nifty50

Nifty50 gave the bulls a reason to cheer today as it saw strong buying interest return, led by metals and financial stocks. It closed 264 points higher at 17,176.

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 17,200 call options and 17,000 and 16,900 put options. 

The broad range for Nifty50, as per options data, is between 16,150 and 18,200 levels. Its immediate support is at 16,800 and resistance is at 17,600 levels.

Bank Nifty

Bank Nifty was among the leading sectors of the day as it outperformed Nifty50 by nearly 1%. It cooled off a little from the day’s high but closed firmly in the green. Bank Nifty closed 882 points higher at 36,618.

Bank Nifty’s monthly options expiring on December 30 have sizable positions at 38,000 and 37,500 call options and 36,000 and 36,500 put options. 

Bank Nifty’s weekly options expiring on December 9 have sizable positions at 37,000 and 38,000 call options and 36,000 and 36,500 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 35,800 and resistance is at 37,200 levels. 

Stock Action

Today’s top gainers were NALCO, Delta Corp., SAIL, Torrent Power and PVR.

Today's top losers were Vodafone Idea, Metropolis, Strides Pharma, Zee Entertainment and Alembic Pharma. 

Sector Update 

Metals, Banking and Realty with buying interest emerged as the leading sectors today. Stocks like NALCO, Hindalco, Axis Bank, ICICI Bank and DLF closed in the green. 

No major sectoral indices closed in the red today

Major News

British drugmaker GSK reported that its antibody-based COVID-19 therapy with partner Vir Biotechnology is effective against all mutations of the new Omicron variant. It has cited new data based on its early-stage studies. The data, however, is yet to be published in a peer-reviewed medical journal.