F&O Market Recap for 21 March 2022

Index Action 

Nifty50

The Nifty50 snapped its winning streak on the back of rising crude prices and no improvement in tensions between the Russia and Ukraine crisis. The index fell sharply to 17,100 levels. Out of the Nifty50 pack, 40 stocks closed lower, with FMCG, cement and financial stocks taking the biggest hit. The Nifty50 slipped 169 points to 17,117.

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

The Nifty50’s weekly options expiring on March 24 have sizable positions at 17,500 and 17,300 call options and 17,000 and 16,800 put options. 

As per options data, the broad range for the Nifty50 is between 16,200 and 18,000 levels. Its immediate support is at 16,800 and resistance is at 17,500 levels.

Bank Nifty

The Bank Nifty corrected 1.1% today but held on to the 36,000 mark. Both PSU and private bank indices ended lower, dragging the Bank Nifty down by 410 points to 36,018.

The Bank Nifty’s monthly options expiring on March 31 have sizable positions at 38,000 and 37,000 call options and 36,000 and 35,000 put options. 

The Bank Nifty’s weekly options expiring on March 24 have sizable positions at 37,000 and 36,500 call options and 36,000 and 35,000 put options. 

As per options data, the broad range for the Bank Nifty is between 34,500 and 38,200 levels. Its immediate support is at 35,400 and resistance is at 37,200 levels. 

Stock Action

Today’s top gainers were Delta Corp, Strides Pharma, Aurobindo Pharma, Vedanta and NALCO. 

Today's top losers were Petronet LNG, IGL, Torrent Pharma, Max Financial and Indigo. 

Sector Update 

Among the sectors, the metal and media indices saw buying interest. Stocks like Vedanta, NALCO, Hindalco and PVR are trading in the green.

The FMCG and financial services came under selling pressure. Stocks like Marico, Britannia, Godrej Consumer, Shriram Transport Finance and HDFC AMC closed in the red.

Major News 

Union Minister Nitin Gadkari has issued a warning to sugar factories to increase the conversion of sugar into ethanol. The Minister added that it will be harmful to sugar industries in the future if sugar production goes ahead, as it does now.