F&O Market Recap for 11 March 2022

Index Action 

Nifty50

The Nifty50 ended higher for the fourth consecutive day as bulls edged out bears by a small margin. Gains in Pharma and Oil & Gas was offset by losses in Auto and select FMCG stocks. The Nifty50 closed 35 points higher at 16,630.

The Nifty50’s monthly options expiring on March 31 have sizable positions at 17,000 and 18,000 call options and 16,000 and 16,500 put options. 

The Nifty50’s weekly options expiring on March 17 have sizable positions at 17,000 and 16,800 call options and 16,000 and 16,500 put options. 

As per options data, the broad range for Nifty50 is between 15,500 and 17,500 levels. Its immediate support is at 16,200 and resistance is at 17,000 levels.

Bank Nifty

The Bank Nifty inched higher and oscillated between the positive and negative territory. With 9 out of its 12 stocks closing in green, the Bank Nifty moved 70 points higher at 34,546.

The Bank Nifty’s monthly options expiring on March 31 have sizable positions at 36,000 and 37,000 call options and 33,000 and 34,000 put options. 

The Bank Nifty’s weekly options expiring on March 17 have sizable positions at 36,000 and 35,000 call options and 34,500 and 33,000 put options. 

As per options data, the broad range for the Bank Nifty is between 32,300 and 36,600 levels. Its immediate support is at 33,800 and resistance is at 35,400 levels. 

Stock Action

Today’s top gainers were GNFC, Balrampur Chini, Atul Ltd, Cipla and HPCL. 

Today's top losers were Dalmia Bharat, Manappuram, FSL, Havells and Abbott India. 

Sector Update 

The Pharma and Oil & Gas indices witnessed buying interest. Stocks like Cipla, Granules, Laurus Labs, HPCL and BPCL closed in the green.

The Auto and IT indices came under selling pressure. Stocks like Maruti Suzuki, Bharat Forge, Ashok Leyland, LTI and TCS closed in red.

Major News 

Life Insurance Corporation of India (LIC) reported a net profit of ₹235 crore versus ₹90 lakh in the same quarter last year. The company also reported a jump in first-year and renewal premium for the same quarter last year. LIC had filed its draft papers for IPO and has received SEBI's approval earlier this week.