F&O Market Recap for 21 January 2022

Blog | F&O

Index Action 

Nifty50

Volatility remained elevated for the Nifty50 as it ended an action-packed day lower. It bounced sharply after breaching 17,500 but ended the day 139 points lower at 17,617. 

The Nifty50’s monthly options expiring on January 27 have sizable positions at 18,000 and 17,900 call options and 17,500 and 17,600 put options. 

As per options data, the broad range for the Nifty50 is between 17,100 and 18,600 levels. Its immediate support is at 17,500 and resistance is at 18,000 levels.

Bank Nifty

The Bank Nifty took support near 37,250 multiple times during the day. Strong buying towards the end took it to day’s high at close. It closed 276 points lower at 37,574. 

The Bank Nifty50’s monthly options expiring on January 27 have sizable positions at 38,000 and 38,500 call options and 37,000 and 37,500 put options. 

As per the options data, the broad range for the Bank Nifty, is between 36,800 and 39,300 levels. Its immediate support is at 37,200 and resistance is at 38,400 levels. 

Stock Action

Today’s top gainers were Bajaj Auto, Biocon, HUL, Maruti Suzuki and Hero Motocorp. 

Today's top losers were Balrampur Chini, Polycab, Deepak Nitrite, L&T Technology and Zee Entertainment.  

Sector Update 

Among the Nifty sectoral indices, FMCG emerged as the leading sector with buying interest. Stocks like HUL, Nestle, Colgate-Palmolive and Britannia closed in the green.

The Media and PSU banks came under selling pressure today. Stocks like Zee Entertainment, Sun TV, PVR, Canara Bank and Bank of Baroda closed in the red. 

Major News 

Electric Vehicles production can take a hit over shortage of lithium which is used in batteries. Apart from the ongoing shortage, the Serbian government cancelled licenses for a major lithium project owned by the mining company Rio Tinto. This, according to experts, can prolong the supply shortage. 

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