F&O Market Recap for 8 February 2022

Index Action 

Nifty50

The Nifty50 ended a volatile day with modest gains. Pressure in Energy and IT stocks pulled the index lower, while a turnaround in Pharma, Metals and select Financials pushed the index into green territory. The Nifty50 climbed 53 points to close at 17,266. 

The Nifty50’s monthly options expiring on February 24 have sizable positions at 18,000 and 17,500 call options and 16,500 and 17,000 put options. 

The Nifty50’s weekly options expiring on February 10 have sizable positions at 17,500 and 17,300 call options and 17,000 and 17,200 put options. 

As per the options data, the broad range for the Nifty50 is between 16,400 and 17,900 levels. Its immediate support is at 16,800 and resistance is at 17,700 levels.

Bank Nifty

The Bank Nifty traded negative in the first half of the trading session. Bounce in private banks towards the second half aided the index to reclaim the 38,000 mark. It ended the day 33 points higher at 38,028.

The Bank Nifty’s monthly options expiring on February 24 have sizable positions at 39,000 and 39,500 call options and 37,000 and 38,000 put options. 

The Bank Nifty’s weekly options expiring on February 10 have sizable positions at 38,000 and 39,000 call options and 38,000 and 37,500 put options. 

As per the options data, the broad range for the Bank Nifty, is between 36,500 and 39,300 levels. Its immediate support is at 37,500 and resistance is at 38,900 levels. 

Stock Action

Today’s top gainers were GNFC, Bank of Baroda, SRF, Tata Steel and Pfizer. 

Today's top losers were Tata Power, Indiabulls Housing Finance, Gujarat Gas, Metropolis and ONGC. 

Sector Update 

Among the Nifty sectoral indices, PSU Banks and Metals were the top gainers. Stocks like Bank of Baroda, Canara Bank, PNB, Tata Steel and JSW Steel closed in the green.

The Energy and Media sectors came under selling pressure. Stocks like Tata Power, ONGC, GAIL, Zee Entertainment and Sun TV closed in the red.

Major News 

Gross bad loans of the banks declined to just over ₹8 lakh crore by the end of September 2021 quarter versus ₹9.3 lakh crore in March 2019, the government informed the Parliament.