F&O Market Recap for 2 June 2022

Index Action 

Nifty50

The Nifty50 recovered the opening losses and zoomed past 16,600, led by gains in Reliance Industries, IT and oil & gas stocks. It surged 105 points and closed the day at 16,628.

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 9 June have sizable positions at 17,000 and 16,600 call options and 16,000 and 16,500 put options. 

As per options data, the broad range for the Nifty50 is between 15,900 and 17,500 levels. Its immediate support is at 16,400 and resistance is at 16,900 levels.

Bank Nifty

The Bank Nifty constantly faced selling pressure in the first half of the trading session and dipped to 35,400 levels. However, in the afternoon session, the index made a recovery of nearly 170 points from its intraday low and closed the day 7 points lower at 35,613.  

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 9 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 34,500 and 36,700 levels. Its immediate support is at 35,200 and resistance is at 36,000 levels. 

Stock Action

Today’s top gainers were Reliance Industries, Abbott India, L&T Technology Services, Berger Paints and Federal Bank. 

Today's top losers were Apollo Hospitals, Info Edge, Hero MotoCorp, IGL and Astral. 

Sector Update 

Among major sectoral indices, Oil & Gas and IT were the top gainers. Stocks like Reliance Industries, Oil India, Gujarat Gas, L&T Technology Services and Mphasis ended in the green. 

The Auto and Financial Services sectors were the top losers. Stocks like Hero MotoCorp, Eicher Motors, Tata Motors, HDFC and PEL ended in the red. 

Major News

After banning the wheat exports last month, India has allowed wheat shipments of over 4.6 lakh tonnes, mainly to Bangladesh, the Philippines, Tanzania and Malaysia. However, the Government and industry officials feel that the upcoming monsoon could damage 1.7 million tonnes of wheat lying at ports.