Nifty50
Nifty50 had a strong opening and ran up more than 250 points to 17,324 before selling emerged at higher levels. It erased nearly all of the morning gains and slipped into the red. This happened after the Moderna CEO said that the vaccines might struggle against the new coronavirus variant, Omicron. At 12 pm today, it was trading 30 points higher at 17,084.
For December 2 options contracts, Nifty50 has sizable positions at 17,500 and 17,600 call options and 17,000 and 16,800 put options. Further, unwinding was seen in 17,300 call options, and additions were seen in 16,800 put options.
Nifty50 has immediate support at 16,700 and resistance at 17,500 levels.
Bank Nifty
Bank Nifty, too had a strong start followed by a sharp sell-off at higher levels of 36,800. At 12 pm today, it was trading 108 points higher at 36,085.
For December 2 options contracts, Bank Nifty has sizable positions at 36,500 and 37,000 call options and 36,000 and 35,000 put options. Further additions were seen at 36,500 call options and 35,700 put options.
Bank Nifty has immediate support at 35,300 and resistance at 36,800 levels.
Stock Action
Today’s top gainers are Indian Hotels, Persistent, Navin Fluorine, GSPL and REC.
Today’s top losers are Dr.Lal Pathlabs, Zee Entertainment, HAL, Adani Ports and Kotak Mahindra.
Sector Update
The Realty and IT sectors have emerged as the leading sectors with buying interest today. Stocks like Godrej Properties, DLF, Mindtree, Tech Mahindra and Coforge are trading in the green.
The Metal and Auto sectors are seeing selling pressure today. Stocks like Tata Steel, Coal India, JSW Steel, Hero Motocorp and TVS Motor trading in the red.
Global Markets Update
Major European markets are likely to open mixed as their futures are trading in the range of -2.5% and +1.3%. US Futures have seen a sharp sell-off and are trading in the red, down by nearly 1.5%.