F&O Market Recap for 16 December 2021

Index Action 

Nifty50

Nifty50 saw an initial sell-off but, like yesterday, took support at 17,200 multiple times. Strong buying in the last hour saw Nifty50 close 27 points higher at 17,248. 

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

Nifty50’s weekly options expiring on December 23 have sizable positions at 17,300 and 17,400 call options and 17,300 and 17,200 put options. 

As per options data, the broad range for Nifty50 is between 16,400 and 18,200 levels. Its immediate support is at 16,900, and resistance is at 17,600 levels.

Bank Nifty

Bank Nifty was under pressure all day as it faced selling pressure at every rise and hit a low of 36,385. Marginal buying interest towards close helped it close above the 36,500. It closed 240 lower at 36,548.

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

Bank Nifty’s weekly options expiring on December 23 have sizable positions at 37,000 and 37,500 call options and 36,500 and 37,000 put options. 

As per the options data, the broad range for Bank Nifty is between 35,400 and 38,200 levels. Its immediate support is at 36,000, and resistance is at 37,600 levels. 

Stock Action

Today’s top gainers were SRF, Persistent, Infosys, Motherson Sumi and Bajaj Finance. 

Today's top losers were Torrent Power, TVS Motor, Indiabulls Housing Finance, Biocon and MCX India. 

Sector Update 

Nifty IT with buying interest emerged as the leading sector. Stocks like L&T Infotech, Infosys, Wipro and Mindtree closed in the green. 

The Media and Pharma sectors saw selling pressure today. Stocks like Sun TV, PVR, Biocon, Strides Pharma and Ipca Labs closed in the red.

Major News

Niti Aayog's CEO Amitabh Kant has said that India is working towards cutting down lithium imports and boosting the growth of Electric Vehicles. He said, to reduce the dependency on imported lithium Government is working with the authorities in Argentina, Chile, Australia, and Bolivia to acquire lithium and cobalt mines overseas.