F&O Market Recap for 6 April 2022

Index Action 

Nifty50

The Nifty50 closed in the negative territory for the second consecutive day. Losses in IT, banking and pharma stocks pushed the index lower, while metal and oil & gas stocks lent support. The Nifty50 slipped 149 points to 17,807.

The Nifty50’s monthly options expiring on April 28 are scattered and have sizable positions at 18,000 and 19,000 call options and 17,500 and 17,000 put options. 

The Nifty50’s weekly options expiring on April 7 have sizable positions at 18,000 and 17,900 call options and 17,800 and 17,500 put options. 

As per options data, the broad range for Nifty50 is between 17,000 and 18,800 levels. Its immediate support is at 17,600 and resistance is at 18,200 levels.

Bank Nifty

The Bank Nifty continued to reel under the pressure of profit booking. However, it found support at 37,500 levels. With HDFC twins and heavyweight private banks succumbing to profit booking for the second consecutive day, the Bank Nifty closed 435 points lower and closed at 37,632

The Bank Nifty’s monthly options expiring on April 28 are scattered and have sizable positions at 38,500 and 38,000 call options and 37,000 and 36,000 put options. 

The Bank Nifty’s monthly options expiring on April 7 have sizable positions at 38,000 and 39,000 call options and 37,500 and 37,000 put options. 

As per the options data, the broad range for the Bank Nifty is between 36,500 and 39,500 levels. Its immediate support is at 37,200 and resistance is at 38,400 levels. 

Stock Action

Today’s top gainers were Indian Hotels, Tata Power, SAIL, ConCor and NALCO. 

Today's top losers were IRCTC, Marico, Rain Industries, Mphasis and Dr. Lal Pathlabs. 

Sector Update 

The Metal and Oil & Gas sectors were the top gainers today. Stocks like SAIL, NALCO, Vedanta, HPCL and IOC closed in the green.

The IT and Banking sectors were the top losers today. Stocks like Mphasis, HCL Technologies, Coforge, HDFC Bank and Kotak Mahindra Bank closed in the red. 

Major News 

India's services sectors expanded at the fastest pace in March and rose to 53.6 from 51.8 in February. The uptrend was attributed to the easing of Covid curbs and strengthening demand conditions.