Index Action
Nifty50: Nifty50 was in a bear grip today and closed near the day’s low as cases of a new coronavirus variant came to light globally. Nifty50 breached 17,000 near the close of trade but managed to close above it. It closed 509 points lower at 17,026.
Nifty50 monthly options expiring on December 30 are still scattered and have sizable positions at 18,000 and 19,000 call options and 17,000 and 16,000 put options.
Nifty50 weekly options expiring on December 2 have sizable positions at 17,300 and 17,500 call options and 17,000 and 16,500 put options.
The broad range for Nifty50, as per options data, is between 16,000 and 18,200 levels. It has immediate support at 16,700 and resistance at 17,600 levels.
Bank Nifty: Bank Nifty fell by more than 1,400 points during the day. It breached the 36,000 level during the day but managed to close just above it. It closed 1,339 points lower at 36,025.
Bank Nifty monthly options expiring on December 30 are still scattered and have sizable positions at 38,000 and 37,500 call options and 36,000 and 35,000 put options.
Bank Nifty weekly options expiring on December 2 have sizable positions at 37,000 and 37,500 call options and 36,000 and 35,000 put options.
The broad range for Bank Nifty, as per the options data, is between 34,800 and 38,200. Immediate support is at 35,300 and resistance is at 36,800 levels.
Stock Action
Today’s top gainers were Cipla, Alkem Labs, Indiabulls Housing Finance, Dr. Lal Pathlabs and Pfizer.
Today's top losers were Bandhan Bank, Indian Hotels, PVR, Delta Corp. and NALCO.
Sector Update
Pharma emerged as the leading sector today with buying interest. Stocks like Cipla, Alkem Labs, Dr. Reddys, Divis and Lupin closed in the green.
Realty and Metal sectors, followed by the Auto sector, saw selling pressure today. Stocks like DLF, Godrej Properties, NALCO, JSW Steel and Tata Motors closed in the red.
Major News: A new variant of the coronavirus that causes COVID-19 was identified in South Africa. It has raised concerns about fueling outbreaks in some countries and adversely affecting the efforts to reopen the economies. Most global markets have reacted adversely to this development, with sectors like tourism and aviation seeing an immediate negative impact.