F&O Market Recap for 4 January 2022

Index Action 

Nifty50

Nifty50 extended gains in the second trading session of the new year and zoomed past 17,800. Gains in PSU Banks, Oil & Gas and IT pushed the index higher. Nifty50 ended the day 179 points higher at 17,805.

Nifty50’s monthly options expiring on January 27 have sizable positions at 18,000 and 18,500 call options and 17,000 and 17,500 put options. 

Nifty50’s weekly options expiring on January 6 have sizable positions at 18,000 and 17,800 call options and 17,600 and 17,500 put options. 

As per options data, the broad range for Nifty50 is between 16,400 and 18,600 levels. Its immediate support is at 17,300 and resistance is at 18,000 levels.

Bank Nifty

With healthy buying in PSU banks, Bank Nifty continued its strong momentum and ended higher for the second consecutive day. It ended the day firmly in the green at 36,840 up by 418 points.

Bank Nifty50’s monthly options expiring on January 27 have sizable positions at 37,000 and 38,000 call options and 35,000 and 36,000 put options. 

Bank Nifty50’s weekly options expiring on January 6 have sizable positions at 37,000 and 37,500 call options and 36,000 and 36,500 put options. 

As per the options data, the broad range for Bank Nifty, is between 34,800 and 37,900 levels. Its immediate support is at 35,900 and resistance is at 37,200 levels. 

Stock Action

Today’s top gainers were Balrampur Chini, GNFC, NTPC, Pidilite and ABFRL.

Today's top losers were Vedanta, Granules, Navin Fluorine, Marico and Aarti Industries. 

Sector Update 

Among the Nifty sectoral indices, Energy and Banking with buying interest emerged as the leading sectors. Stocks like NTPC, ONGC, Power Grid, SBI and Axis Bank closed in the green. 

Pharma and Realty sectors came under selling pressure. Stocks like Granules, Cadila Healthcare, Laurus Labs, Godrej Properties and DLF closed in the red. 

Major News

As per reports, India spent a record $55.7 billion on gold imports in 2021. This is more than double the previous year’s tonnage as a price drop favoured retail buyers and pent up demand emerged for weddings that were delayed due to the pandemic.