Index Action
Nifty50
Nifty50 continued its upward trend for the second consecutive day. Gains across sectors led by Auto, Oil & Gas and IT pushed the index higher and it closed at 17,233, up 147 points.
Nifty50’s monthly options expiring on December 30 have sizable positions at 17,500 and 17,300 call options and 17,000 and 17,100 put options.
As per options data, the broad range for Nifty50 is between 15,900 and 17,800 levels. Its immediate support is at 16,800 and resistance is at 17,400 levels.
Bank Nifty
Bank Nifty took support near 35,000 and managed to close the day in the green. It ended the day 125 points higher at 35,183.
Bank Nifty’s monthly options expiring on December 30 have sizable positions at 35,500 and 36,000 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 34,300 and resistance is at 35,700 levels.
Stock Action
Today’s top gainers were Astral, Strides Pharma, Deepak Nitrite, PI Industries and ICICI Lombard.
Today's top losers were PVR, FSL, Trent, AU Small Finance Bank and ABFRL.
Sector Update
Auto and Infrastructure with buying interest emerged as the leading sectors. Stocks like Exide Industries, Balkrishna Industries, M&M, Siemens and Tata Power closed in the green.
No major sectoral indices closed in the red today.
Major News
According to IHS Markit, Business activity in India’s services sector expanded for the fourth consecutive month, while the manufacturing purchasing managers index climbed to 57.6, the highest since January 2021. These indicators suggest that the economy was expanding steadily in November before the concerns of the Omicron variant cropped up.