Index Action
Nifty50
Nifty50 broke its three day winning streak and closed in the red. It saw a sharp fall in the opening session but bounced back from 16,900 to close 68 points lower at 17,003.
Nifty50’s monthly options expiring on December 30 have sizable positions at 17,500 and 17,000 call options and 17,000 and 16,500 put options.
As per options data, the broad range for Nifty50 is between 15,900 and 17,800 levels. Its immediate support is at 16,500 and resistance is at 17,300 levels.
Bank Nifty
Bank Nifty saw a sharp fall in the opening session and managed to trade above the first session’s low of 34,583. Smart buying at lower levels saw it cross the 35,000 mark, but profit-taking trimmed the gains. It ended the day 334 points lower at 34,857.
Bank Nifty’s monthly options expiring on December 30 have sizable positions at 36,000 and 35,500 call options and 35,000 and 34,000 put options.
As per the options data, the broad range for Bank Nifty, is between 33,400 and 36,600 levels. Its immediate support is at 34,200 and resistance is at 35,600 levels.
Stock Action
Today’s top gainers were FSL, Coforge, HCL Tech, Balkrishna Industries and Tech Mahindra.
Today's top losers were L&T Finance, Biocon, Torrent Pharma, M&M Financial and Syngene International.
Sector Update
All Nifty sectoral indices closed in the red, barring the IT sector. Stocks like Coforge, HCL Technologies, Tech Mahindra, L&T Infotech and Mphasis closed in the green.
PSU Banks and Realty were among the top losers. Stocks like Canara Bank, PNB, Bank of Baroda, Oberoi Realty and Godrej Properties closed in the red.
Major News
Union Road transport minister, Mr. Nitin Gadkari, said his ministry has issued an advisory to automobile manufacturers to start producing flex-fuel engine vehicles in the next six months. These engines will have an option to run on 100% ethanol thus reducing India’s dependence on crude import.