Index Action
Nifty50
Nifty50 erased opening losses and recovered sharply from the lows. The headline index ended a volatile session higher, led by gains in Pharma, IT and Financial services sectors. It settled at 17086, up 82 points.
Nifty50’s monthly options expiring on December 30 have sizable positions at 17,500 and 17,000 call options and 17,000 and 16,800 put options.
As per options data, the broad range for Nifty50 is between 15,900 and 17,800 levels. Its immediate support is at 16,700 and resistance is at 17,300 levels.
Bank Nifty
After RBI issued a statement on RBL Bank, Bank Nifty gained strength and rose to day’s high. It closed comfortably in the green and settled with a gain of 200 points at 35,057.
Bank Nifty’s monthly options expiring on December 30 have sizable positions at 36,000 and 35,000 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 GMR Infra, Navin Fluorine, Shriram Transport Finance, Dixon Technologies and Granules.
Today's top losers were RBL Bank, Zee Entertainment, United Breweries, IGL and JK Cement.
Sector Update
Pharma and IT sectors with buying interest emerged as the leading sectors. Stocks like Granules, Laurus Labs, Torrent Pharma, Tech Mahindra and TCS closed in the green.
Media and FMCG sectors saw selling pressure today. Stocks like Zee Entertainment, Sun TV, United Breweries, Godrej Consumer and Marico closed in the red.
Major News
Amidst rising cases of the Omicron variant, the Government of India has advised States and Union Territories to consider imposing need-based local curbs and restrictions to control the crowd during the ongoing festive season.
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