F&O Market Recap for 23 March 2022

Index Action 

Nifty50

The Nifty50 ended the volatile session on Wednesday in red and declined 0.5%. The index failed to sustain the opening gains and witnessed an intraday fall of more than 200 points from the day's high. Losses in financials and auto stocks dragged the index lower, while gains in metals and pharma stocks provided support. The Nifty50 fell 69 points to 17,245.

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 17,400 call options and 17,000 and 17,300 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 opened higher and climbed up to 36,827 levels but failed to hold on to the initial uptick. With 7 out of its 12 stocks closing in red, the Bank Nifty fell 201 points to 36,147.

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 35,000 put options. 

As per the options data, the broad range for the Bank Nifty is between 34,500 and 38,000 levels. Its immediate support is at 35,300 and resistance is at 37,000 levels. 

Stock Action

Top gainers: L&T Finance, City Union Bank, JSPL, Tata Communications and Indian Hotels. 

Top losers: Chambal Fertilisers, JK Cement, SRF, Kotak Mahindra and Atul Ltd. 

Sector Update 

Among the sectors, metal gained 1.2% and oil & gas added 0.4% . Stocks like SAIL, JSPL, Hindalco, MGL and Gujarat Gas are trading in the green.

The auto slipped 1% and financial Services declined 0.8%. Stocks like Maruti Suzuki, Bajaj Auto, M&M, Kotak Mahindra Bank and Muthoot Finance closed in the red.

Major News 

With the constant dip in covid cases, the Union Home Ministry has decided to end all curbs from March 31. However, wearing of face masks and social distancing norms will continue as earlier.