F&O Market Recap for 1 June 2022

Index action 

Nifty50

The Nifty50 closed lower for the second day but held on to the 16,500-mark at the close. Losses in IT and pharma stocks dragged the index lower, while banks, financial services and metals provided support. The Nifty50 fell 61 points to 16,522. 

The Nifty50’s options contracts expiring on 30 June are scattered and have sizable positions at 17,000 and 17,500 call options and 16,000 and 15,500 put options. 

The Nifty50’s options contracts expiring on 2 June have sizable positions at 17,000 and 16,800 call options and 16,500 and 16,300 put options. 

As per options data, the broad range for the Nifty50 is between 15,800 and 17,600 levels. Its immediate support is at 16,300 and resistance is at 16,800 levels.

Bank Nifty

The Bank Nifty remained strong throughout the day and reclaimed the 35,600-mark. The Bank Nifty jumped 133 points and closed the day at 35,620. On the 12-stock index, AU Small Finance Bank, Bandhan Bank and Bank of Baroda made the most gains, while IDFC Frist Bank, IndusInd Bank and ICICI Bank were the laggards.

The Bank Nifty’s options contracts expiring on 30 June are scattered and have sizable positions at 37,000 and 36,000 call options and 33,000 and 35,000 put options. 

The Bank Nifty’s options contracts expiring on 2 June have sizable positions at 36,000 and 36,500 call options and 35,000 and 35,500 put options. 

As per the options data, the broad range for the Bank Nifty is between 34,400 and 36,800 levels. Its immediate support is at 35,100 and resistance is at 36,000 levels. 

Stock action

Today’s top gainers were Bharat Electronics, Astral, ICICI Prudential, Torrent Power and HAL. 

Today's top losers were Bajaj Auto, Syngene International, NALCO, Apollo Hospitals and Hindalco. 

Sector update 

Among major sectoral indices, Banking and Financial Services were the top gainers. Stocks like AU Small Finance Bank, Bandhan Bank, Bank of Baroda, ICICI Prudential and HDFC Life ended in the green. 

The IT and Pharma sectors were the top losers. Stocks like Coforge, Tech Mahindra, Mphasis, Sun Pharma and Biocon ended in the red. 

Major News

The GST collections crossed ₹1.4 lakh crore in May, up 44% year-on-year. However, the collection declined by 16% from the previous month. The GST collection in the month touched an all-time high of ₹1.6 lakh crore.