F&O Market Recap for 14 March 2022

Index Action 

Nifty50

The Nifty50 gained momentum in the second half and rose higher. Fueled by gains in IT and Banking stocks, the index came within a striking distance of 16,900. Losses in Oil & Gas and select FMCG stocks applied brakes on the rally. The Nifty50 surged 240 points to 16,871.

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 16,900 call options and 16,500 and 16,600 put options. 

As per options data, the broad range for the Nifty50 is between 15,900 and 17,800 levels. Its immediate support is at 16,400 and resistance is at 17,100 levels.

Bank Nifty

The Bank Nifty soared higher and was among the day's top gainers. Shares of HDFC Bank and SBI surged more than 3%, taking the Bank Nifty 765 points higher at 35,312.

The Bank Nifty’s monthly options expiring on March 31 have sizable positions at 36,000 and 37,000 call options and 34,000 and 35,000 put options. 

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

As per options data, the broad range for the Bank Nifty is between 33,300 and 36,800 levels. Its immediate support is at 34,200 and resistance is at 35,900 levels. 

Stock Action

Today’s top gainers were Deepak Nitrite, Zee Entertainment, IGL, MGL and SRF.

Today's top losers were Jubilant Foodworks, AU Small Finance Bank, HPCL, NALCO and Hindustan Copper. 

Sector Update 

The Banking and IT indices emerged as the leading sector with buying interest. Stocks like HDFC Bank, SBI, Axis Bank, Infosys and Wipro closed in the green. 

The Realty and Oil & Gas sectors came under selling pressure. Stocks like DLF, Oberoi Realty, HPCL, IOC and ONGC closed in the red.

Major News 

As per reports, India is considering buying crude oil from Russia at discounted prices through a rupee-rouble transaction. India imports 80% of its oil needs and buys 2% to 3% of oil from Russia.