NIFTY OUTLOOK & OPTION CALL PUT TIPS FOR 21 DEC 2023

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After an upward gap at the opening, Nifty experienced a decline below crucial support levels and concluded the session near its daily low. Bank Nifty exhibited negative trading throughout the day, closing below the robust 47500 level, which served as a strong support. The market displayed a bearish trend, with the Sensex losing 1.30 percent and settling at 70506.31. Nifty, on the other hand, experienced an intraday drop of 1.41%, closing at 21150. Bank Nifty closed in the negative, with a 0.89% decline, settling at 47445. All sectors ended in the red, with Nifty PSU Bank, Nifty Metal, and Nifty AUTO experiencing the most significant losses at 4.04%, 3.82%, and 2.28%, respectively. Among Nifty stocks, ONGC, Tata Consumer Product, and Britannia emerged as the top gainers, while Adani Ports, Adani Enterprise, and UPL were notable laggards. India VIX showed a positive trend with a 4.18% intraday increase, settling at 14.45. The index is supported around the 21000-20900 zone. Examining the Open Interest (OI) data, the highest OI on the call side was observed at 21500, followed by 21400 strike prices. On the put side, the highest OI was at the 21000 strike price. For Bank Nifty, support is identified at 47100-46900, with resistance levels at 47700 and 48000.