F&O Market Recap for November 2021

By Prarit
stock market updates

Nifty50 by The Wealth Generating

On account of strong GDP growth and fiscal deficit numbers announced yesterday, the Nifty50 was on a strong footing today and closed firmly in the green. It closed 183 points higher at 17,166.

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 17,400 call options and 16,500 and 17,000 put options. Further, additions were seen in 17,400 call options and 17,000 put options

The broad range for Nifty50, as per options data, is 16,000 and 17,900 levels and its immediate support is at 16,700 and resistance is at 17,500 levels.

Bank Nifty

Bank Nifty saw strong momentum and the dips were utilized as buying opportunities as it closed near its day’s high. It closed 669 points higher at 36,364. 

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 37,000 and 37,500 call options and 36,000 and 35,500 put options. Further additions were seen at 36,500 call options and 36,000 put options. 

The broad range for Bank Nifty, as per the options data, is between 34,600 and 37,700. Immediate support is at 35,300 and resistance is at 36,900 levels. 

Stock Action

Today’s top gainers were Vodafone Idea, Chambal Fertiliser, Indiabulls Housing Finance, Indusind Bank, and RBL Bank. 

Today’s top losers were Cipla, Alkem Labs, Metropolis, Glenmark, and Dabur India. 

Sector Update 

PSU Bank and Metal sector emerged as the leading sectors today with buying interest. Stocks like Canara Bank, SBI, PNB, Adani Enterprises, and JSW Steel closed in the green. 

The Pharma sector saw selling pressure today. Stocks like Cipla, Alkem Labs, Divis, and Cadila Healthcare closed in the red.

Major News: Yesterday, strong macro numbers were announced, showing strong GDP growth, a fall in fiscal deficit, and a drop in unemployment rates. For the July-September quarter, the country’s GDP growth was 8.4%. For the first half of FY22, the fiscal deficit hit a 4-year low of 35% of the budget estimates, and the unemployment rate fell to 10.3%. These numbers are a long-term positive for the Indian economy and were well received by the markets today.