F&O Market Recap for 7 April 2022

Index Action 

Nifty50

Amid weak global cues, the Nifty50 extended its losses for the third day. Losses in banking, metal, IT and auto stocks pushed the index lower, while pharma stocks lent support. Against this backdrop, the Nifty50 fell 168 points to 17,639.

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 13 have sizable positions at 18,000 and 17,900 call options and 17,800 and 17,700 put options. 

As per options data, the broad range for the Nifty50 is between 17,000 and 18,800 levels. Its immediate support is at 17,400 and resistance is at 18,000 levels.

Bank Nifty

After a negative start, the Bank Nifty rebounded sharply and reached the 38,000 mark. However, profit-booking at higher levels dragged the index lower, and it closed 75 points lower at 37,557. Meanwhile, investors will be keeping an eye on RBI's monetary policy meeting tomorrow.

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 13 have sizable positions at 38,000 and 38,500 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 37,100 and resistance is at 38,100 levels. 

Stock Action

Today’s top gainers were Bharat Electronics, Tata Communications, Dr. Lal Pathlabs, Godrej Consumer and Piramal Enterprises Limited. 

Today's top losers were IDFC, NALCO, Nippon, Tata Power and ConCor. 

Sector Update 

The Realty and Pharma sectors were the top gainers. Stocks like Abbott, Alembic Pharma, Divi's Lab and DLF closed in the green.

The IT and Financial Services sectors came under selling pressure. Stocks like L&T Technology Services, Wipro, TCS, HDFC and Chola Investments closed in the red. 

Major News 

Defence Minister Rajnath Singh released the third list of over 101 military systems and weapons that will come under an import ban for the next five years. This development aligns with the government’s push to support domestic defence manufacturing.