F&O Market Recap for 6 January 2022

Index Action 

Nifty50

Nifty50 came off the day’s low in the afternoon session but failed to climb the positive territory. Losses across most sectors, led by Cement and IT, and select Metal scrips pulled Nifty50 lower. It dropped 179 points to close at 17,745. 

Nifty50’s monthly options expiring on January 27 have sizable positions at 18,000 and 18,500 call options and 17,000 and 17,500 put options. 

Nifty50’s weekly options expiring on January 13 have sizable positions at 18,000 and 17,800 call options and 17,500 and 17,000 put options. 

As per options data, the broad range for Nifty50 is between 16,400 and 18,600 levels. Its immediate support is at 17,400 and resistance is at 18,100 levels.

Bank Nifty

Bank Nifty had a volatile day as it swung nearly 700 points and oscillated between negative and positive territories. Heavyweight private banks dragged Bank Nifty lower, and it ended the day 205 lower at 37,490. 

Bank Nifty50’s monthly options expiring on January 27 have sizable positions at 38,000 and 37,500 call options and 36,000 and 37,000 put options. 

Bank Nifty50’s weekly options expiring on January 13 have sizable positions at 38,000 and 37,500 call options and 37,000 and 37,500 put options. 

As per the options data, the broad range for Bank Nifty, is between 35,500 and 38,900 levels. Its immediate support is at 36,700 and resistance is at 38,100 levels. 

Stock Action

Today’s top gainers were NBCC, Delta Corp, Gujarat Gas, Motherson Sumi and Bharat Forge. 

Today's top losers were City Union Bank, JSW Steel, Ultratech Cement, Persistent and Shree Cements.

Sector Update 

Among the Nifty sectoral indices, Media and Auto emerged as the leading sectors with buying interest. Stocks like Zee Entertainment, PVR, Sun TV, Bharat Forge and Bajaj Auto closed in the green.

The IT and Realty sectors came under selling pressure. Stocks like Tech Mahindra, HCL Tech, Mphasis, Oberoi Realty and DLF closed in the red. 

Major News 

As per reports, Pfizer could offer its Covid antiviral drug, Paxlovid, at lower prices to India and other middle-income countries. The company said it has already entered into advance purchase agreements with multiple countries.