F&O Market Recap for 10 March 2022

Index Action 

Nifty50

The Nifty50 rose for the third consecutive day with positive global cues and a dip in crude prices. It surged 249 points to 16,594. FMCG, Metal and Financial stocks ended with gains, while IT stocks declined on profit-booking.  

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 17,500 and 17,000 call options and 16,000 and 15,500 put options. 

As per options data, the broad range for the Nifty50 is between 15,300 and 17,100 levels. Its immediate support is at 15,900 and resistance is at 16,800 levels.

Bank Nifty

The Bank Nifty closed with strong gains despite a sharp dip from the day’s high of 35,374. The breadth favoured advances, with 11 out of the 12 stocks closing higher. The index ended 660 points higher at 34,475.

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 34,000 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 35,300 levels. 

Stock Action

Today’s top gainers were Escorts, Chambal Fertilisers, MCX India, Astral and HUL. 

Today's top losers were Coforge, GAIL, Gujarat Gas, Coal India and Indian Hotels. 

Sector Update 

Barring IT, all the sectors closed in green, while FMCG and Metal indices were the top gainers. Stocks like HUL, United Spirits, Tata Consumer, Adani Enterprises and Tata Steel closed in the green.

The IT sector came under selling pressure. Stocks like Coforge, LTI and Tech Mahindra closed in the red.

Major News 

Oil prices corrected sharply after OPEC member UAE said it supported pumping more oil into the markets to cover the supply disruptions. Against this backdrop, Brent crude fell 13.2% to $111.14 per barrel, its biggest one-day decline since April 2020.