F&O Market Recap for 1 February 2022

Index Action 

Nifty50

The Nifty50 reacted positively to the Union Budget announced today. However, it pared gains and slipped below the 17,300-mark. In the second half of the trading session, buoyed by the Budget push, Metal and Infrastructure stocks helped it reclaim the 17,500-mark. It closed 237 points higher at 17,576. 

The Nifty50’s monthly options expiring on February 24 are scattered and have sizable positions at 18,000 and 17,500 call options and 16,500 and 17,000 put options. 

The Nifty50’s weekly options expiring on February 3 have sizable positions at 18,000 and 17,500 call options and 17,000 and 17,200 put options. 

As per the options data, the broad range for the Nifty50 is between 16,600 and 18,400 levels. Its immediate support is at 17,000 and resistance is at 17,800 levels.

Bank Nifty

The Bank Nifty took a sharp knock and slipped in the negative territory. But later, led by heavyweight private banks, it bounced back sharply above 38,500. It ended the day 530 points higher at 38,505. 

The Bank Nifty’s monthly options expiring on February 24 are scattered and have sizable positions at 39,000 and 40,000 call options and 37,000 and 38,000 put options. 

The Bank Nifty’s weekly options expiring on February 3 have sizable positions at 39,000 and 39,500 call options and 38,000 and 37,500 put options. 

As per the options data, the broad range for the Bank Nifty is between 36,600 and 39,900 levels. Its immediate support is at 37,600 and resistance is at 38,900 levels. 

Stock Action

Today’s top gainers were Navin Fluorine, Tata Steel, Sun Pharma, JSPL and Dalmia Bharat. 

Today's top losers were HPCL, BPCL, IOC, Tata Motors and Chambal Fertilisers. 

Sector Update 

Among the Nifty sectoral indices, Metal and Pharma sectors emerged as the leading sectors with strong buying interest today. Stocks like Tata Steel, JSPL, SAIL, Sun Pharma and Laurus Labs closed in the green.

The Auto and PSU Banks witnessed selling pressure today. Stocks like Tata Motors, M&M, Eicher Motors, Bank of Baroda and SBI closed in the red. 

Major News 

The Union Budget has spelt out the government's priorities. Some of the key highlights are higher capital expenditure, push for infrastructure, allocations for building affordable homes, and focus on EV charging infrastructure.