F&O Market Recap for 22 March 2022

Index Action 

Nifty50

The Nifty50 rebounded strongly in the second half from the lows of 17,006 and closed above 17,300. Strength in index heavyweights stocks aided the bounceback, and Nifty50 climbed 197 points to 17,315.

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 17,600 call options and 17,000 and 17,100 put options. 

As per options data, the broad range for the Nifty50 is between 16,200 and 18,000 levels. Its immediate support is at 16,900 and resistance is at 17,600 levels.

Bank Nifty

The Bank Nifty surged more than 1000 points from the day’s low and ended higher. With a sharp recovery in private banks, the Bank Nifty rose 330 points to 36,348.

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 36,500 call options and 36,000 and 35,500 put options. 

As per the options data, the broad range for the Bank Nifty is between 34,600 and 38,100 levels. Its immediate support is at 35,400 and resistance is at 37,200 levels. 

Stock Action

Top gainers: Rain Industries, Birlasoft, Tech Mahindra, L&T Finance and Bandhan Bank. 

Top losers: Zee Entertainment, Abbott India, Godrej Consumer, Delta Corp and Dixon Technologies. 

Sector Update 

Among the sectors, the IT rose nearly 2% and oil & gas added 1.8%. Stocks like Tech Mahindra, Mphasis, LTI, BPCL & Reliance Industries are trading in the green.

The Realty fell 1% and FMCG dipped 0.7%. Stocks like Godrej Properties, Godrej Consumer, Dabur and HUL closed in the red.

Major News 

As per reports, Ukrainian President Volodymyr Zelensky has said that he is open to discussions if Russian President Vladimir Putin agrees to direct talks. He added that his country would be "destroyed" before it surrenders its cities to Russian forces.