F&O Market Recap for 23 May 2022

Blog | F&O

Index Action 

Nifty50

The Nifty50 started the day on a positive note and climbed to the 16,400-mark. However, the index eventually succumbed to the selling pressure and ended in the red. The Nifty50 settled 51 points lower at 16,214. 

The Nifty50’s options contracts expiring on 26 May have sizable positions at 16,500 and 16,800 call options and 16,000 and 15,800 put options. 

As per options data, the broad range for the Nifty50 is between 15,500 and 16,800 levels. Its immediate support is at 16,000 and resistance is at 16,500 levels.

Bank Nifty

The Bank Nifty also erased its early gains and declined more than 600 points from its intraday high. Both PSU and private bank indices gave up their gains and ended in the red. With an even breadth of 6 advances and six declines, the Bank Nifty slipped 28 points and settled at 34,247.

The Bank Nifty’s options contracts expiring on 26 May have sizable positions at 35,000 and 34,500 call options and 34,000 and 33,000 put options. 

As per the options data, the broad range for the Bank Nifty is between 33,000 and 35,500 levels. Its immediate support is at 33,700 and resistance is at 34,800 levels. 


Stock Action

Today’s top gainers were CONCOR, Ashok Leyland, Mahindra & Mahindra, GNFC and Maruti Suzuki. 

Today's top losers were Jindal Steel and Power, JSW Steel, Tata Steel,  NMDC and SAIL. 


Sector Update 

Among the major sectoral indices, Auto and IT were the top gainers. Stocks like Mahindra & Mahindra, Ashok Leyland, Maruti Suzuki, LTI and Mphasis closed in the green. 

Metal and Oil & Gas indices were the top losers. Stocks like Jindal Steel and Power, JSW Steel, Tata Steel, ONGC and Gujarat Gas ended in the red.


Major News 

The government may borrow ₹1 lakh crore in the second half of this fiscal to offset the resource crunch following the reduction in excise duty on diesel and petrol.

 

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