Index Action
Nifty50
Amid the weak global cues, Nifty50 suffered a sharp loss. Barring IT, intense selling pressure across the sectors pulled the Index lower. After testing 17,000 multiple times, it closed 263 points lower at 16,985.
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 17,500 call options and 17,000 and 16,500 put options.
As per the options data, the broad range for Nifty50 is between 16,400 and 18,200 levels. Its immediate support is at 16,800 and resistance is at 17,500 levels.
Bank Nifty
With hawkish stance of major international central banks, following an interest rate hike by the Bank of England, Bank Nifty fell 930 points and closed at 35,618.
Bank Nifty’s monthly options expiring on December 30 have sizable positions at 37,000 and 36,000 call options and 36,000 and 35,000 put options.
Bank Nifty’s weekly options expiring on December 23 have sizable positions at 36,000 and 36,500 call options and 36,000 and 35,500 put options.
As per the options data, the broad range for Bank Nifty is between 34,600 and 37,700 levels. Its immediate support is at 35,000 and resistance is at 36,300 levels.
Stock Action
Today’s top gainers were Wipro, Persistent, L&T Infotech, HCL Tech and Mphasis.
Today's top losers were Indiabulls Housing Finance, Apollo Hospital, BHEL, Strides Pharma and Can Fin Homes.
Sector Update
Among the Nifty sectoral indices, IT with buying interest emerged as the top gainer. Stocks like Wipro, Persistent, L&T Infotech, HCL Tech and Mphasis closed in the green.
The Media and Realty sectors, followed by PSU Banks were the top losers. Stocks like Zee Entertainment, PVR, Godrej Properties, DLF and Canara Bank are trading in the red.
Major News
Telecom Minister Ashwini Vaishnaw said that the government is exploring ways to allow companies to merge, expand and operate without multiple bureaucratic approvals to avoid subsequent court battles. The Minister said that the government won’t set a floor price for tariffs and will let the companies decide based on their understanding of their customers. Telecom minister reiterated that India plans to start 5G services by October-December 2022.