F&O Market Recap for 17 March 2022

Index Action 

Nifty50

The Nifty50 rose steadily and closed near 17,300-mark. With 45 out of 50 stocks closing higher, the breadth of the index favoured the bulls. Led by financials, auto and select FMCG stocks, the Nifty50 surged 311 points to close at 17,287. 

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 16,500 and 17,000 put options. 

As per options data, the broad range for the Nifty50 is between 16,400 and 18,300 levels. Its immediate support is at 16,900 and resistance is at 17,700 levels.

Bank Nifty

The Bank Nifty witnessed minor profit-booking at 36,600 levels but closed in the green. With ten out of 12 stocks closing in the green, the Bank Nifty rose 690 points to 36,428.

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 37,500 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 35,800 and resistance is at 37,400 levels. 

Stock Action

Today’s top gainers were Trent, L&T Finance, Coromandel, PEL and GNFC. 

Today's top losers were ABB, Atul Ltd, Apollo Hospitals, Dr Lal Pathlabs, and Zydus Lifesciences. 

Sector Update 

Among the major sectoral indices, Realty and Auto indices witnessed buying interest. Stocks like Godrej Properties, DLF, Bosch, Balkrishna Industries and Eicher Motors were trading in the green.

The IT sector came under selling pressure. Stocks like Infosys, L&T Technology Services and HCL Technologies closed in the red.

Major News 

As per reports, Reliance Industries and Ola Electric have won bids to receive incentives under the $2.4 billion battery programme. The Indian government had finalised a programme last year to incentivise companies to make battery cells locally.