F&O Market Recap for 2 February 2022

Index Action 

Nifty50

The Nifty50 continued its budget momentum and extended the gains to a third straight session. Following the Budget cues, the investor sentiment remained positive. Financials, Pharma, and IT pushed the index higher by 203 points and it closed at 17,780. 

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

The Nifty50’s weekly options expiring on February 3 have sizable positions at 18,000 and 18,100 call options and 17,700 and 17,600 put options. 

As per the options data, the broad range for the Nifty50 is between 16,600 and 18,600 levels. Its immediate support is at 17,200 and resistance is at 18,000 levels.

Bank Nifty

The Bank Nifty was upbeat and scaled the mark of 39,300 comfortably. It jumped 825 points and closed at 39,330. All 12 stocks participated in the rally, with IndusInd Bank and IDFC First bank being the top gainers.

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 38,000 and 38,500 put options. 

The Bank Nifty’s weekly options expiring on February 3 have sizable positions at 40,000 and 39,500 call options and 39,000 and 38,000 put options. 

As per the options data, the broad range for the Bank Nifty, is between 37,400 and 40,500 levels. Its immediate support is at 38,200 and resistance is at 39,900 levels. 

Stock Action

Today’s top gainers were Dr.Lal Pathlabs, Vodafone-Idea, CanFin Homes, GSPL and IndusInd Bank. 

Today's top losers were Jubilant Foodworks, Chambal Fertilisers, Chola Investments, Balkrishna Industries and Balrampur Chini.

Sector Update 

Among the Nifty sectoral indices, Banking, Media and Realty were the top gainers. Stocks like IndusInd Bank, IDFC First Bank, Sun TV, Zee Entertainment and DLF closed in the green.

No major sectoral index closed in the red. 

Major News 

As per media reports, the Government may sell a 5% stake in the LIC for ₹65,000-₹70,000 crore and it is likely to file the DRHP in two weeks.