Index Action
Nifty50: Despite a volatile first session, Nifty50 traded in the green territory for the most part but heavy selling in the last hour of trade brought it down in the red due to the concerns around the new omicron variant of the coronavirus. It closed 70 points lower at 16,983.
Nifty50 monthly options expiring on December 30 have sizable positions at 18,000 and 17,500 call options and 17,000 and 16,000 put options.
Nifty50 weekly options expiring on December 2 have sizable positions at 17,500 and 17,300 call options and 17,000 and 16,500 put options. Further, unwinding was seen at 17,300 call options and addition was seen 16,800 put options
The broad range for Nifty50, as per options data, is 16,000 and 17,900 levels and its immediate support is at 16,600 and resistance is at 17,400 levels.
Bank Nifty: Bank Nifty too suffered at the hands of the bears as it slipped deep into the red in the session of trade. It closed 281 points lower at 35,695.
Bank Nifty monthly options expiring on December 30 are still scattered and have sizable positions at 38,000 and 37,500 call options and 35,000 and 36,000 put options.
Bank Nifty weekly options expiring on December 2 have sizable positions at 36,500 and 37,000 call options and 35,500 and 35,000 put options. Further additions were seen at 36,000 call options and 35,500 put options.
The broad range for Bank Nifty, as per the options data, is between 34,600 and 37,700. Its immediate support is at 35,000 and resistance is at 36,700 levels.
Stock Action
Today’s top gainers were REC, Navin Fluorine, Metropolis, Indian Hotels and GSPL.
Today's top losers were Mphasis, Godrej Properties, Tata Steel, Mindtree and PI Industries.
Sector Update
IT and FMCG sectors emerged as the leading sectors today with buying interest. Stocks like Coforge, Infosys, Wipro, Tata Consumer and Godrej Consumer Products closed in the green.
The Metal and Auto sectors saw selling pressure today. Stocks like Tata Steel, JSW Steel, SAIL, Bajaj Auto and M&M closed in the red.
Major News: Oil is heading towards its biggest monthly loss since the early days of the coronavirus pandemic. Investors are assessing the threat posed by the new omicron variant. Brent crude had fallen nearly 20% from $86 per barrel to $71 per barrel. This is positive for oil marketing, cement and paint companies in India.