F&O Market Recap for 7 March 2022

Index Action 

Nifty50

The Nifty50 suffered sharp losses following a gap-down opening as crude prices surged above $130 a barrel. It opened and traded below the 16,000 mark all day. Out of the Nifty50 pack, 40 stocks closed in red, with Financials and Auto being the biggest loser. The Nifty50 dropped 382 points to 15,863.

The Nifty50’s monthly options expiring on March 31 are scattered and have sizable positions at 17,000 and 16,500 call options and 16,000 and 15,500  put options. 

The Nifty50’s weekly options expiring on March 10 have sizable positions at 16,300 and 16,000 call options and 15,500 and 15,800 put options. 

As per options data, the broad range for the Nifty50 is between 15,100 and 17,100 levels. Its immediate support is at 15,600 and resistance is at 16,500 levels.

Bank Nifty

The Bank Nifty fell 4.5% and closed below the 33,000 mark. Both PSU and private bank indices slumped more than 4.5%, and all 12 stocks of the index ended deep in the red. The Bank Nifty fell 1,536 points to 32,871.

The Bank Nifty’s monthly options expiring on March 31 are scattered and have sizable positions at 34,000 and 35,000 call options and 33,000 and 32,000 put options. 

The Bank Nifty’s weekly options expiring on March 10 have sizable positions at 33,500 and 34,000 call options and 33,000 and 32,000 put options. 

As per options data, the broad range for the Bank Nifty is between 30,500 and 35,800 levels. Its immediate support is at 32,100 and resistance is at 34,400 levels. 

Stock Action

Today’s top gainers were ONGC, Zee Entertainment, Hindalco, Balrampur Chini and NMDC. 

Today's top losers were JK Cement, Vodafone-Idea, Chola Investment, IndusInd Bank and Godrej Consumer. 

Sector Update 

The metal sector was the only gainer in the overall weak market. Stocks like Hindalco, Coal India, Vedanta, NALCO and NMDC closed in the green.

The Realty and Banking sectors were the biggest losers. Stocks like Godrej Properties, Oberoi Realty, DLF, IndusInd Bank and Bandhan Bank closed in the red.

Major News 

Crude prices soared above $130 per barrel following the comments of the U.S. administration that it is actively mulling with European countries to ban imports of Russian crude and natural gas.