F&O Mid-market Update for 8 October 2021

Index Action

Nifty50

The Nifty50 opened higher and has held on to its gains. It is trading 120 points higher at 17,910 levels. 

October monthly series call options have significant bases at the highest base 18,000 and 18,500 levels and put options still have significant bases at 17,500 and 17,800 levels. Further, writing was seen at 18,300 call and 17,800 options. 

Weekly options expiring October 14 have sizable positions at 18,000 and 18,300 call options and 17,800 and 17,700 put options. Further, writing was seen at 18,300 call and 17,800 put options. 

Options data suggests a broad range for the Nifty50 at 17,500 and 18,300 levels. The Nifty50 has immediate support and resistance at 17,800 and 18,000 levels. 

Bank Nifty 

The Bank Nifty opened higher and saw selling pressure at 38,100 levels. It is trading flat against yesterday’s closing levels of 37,765.

October monthly call options for the Bank Nifty have sizable positions at 38,000 and 38,500 strikes. Put options now have sizable positions at 38,000 and 37,500 strikes. 

Weekly options expiring on October 14 have a sizable call option base at 38,000 and 37,500 put options. 

Options data suggests that the Bank Nifty has a broad range of 37,000 and 38,500. Bank Nifty has immediate support at 37,700 and resistance at 38,000 levels. 

Global Markets Update 

Major European markets have opened mixed in the range of -0.25% to +0.2%. US futures are also trading marginally in the green, with the Dow futures trading up by 40 points. 

Stock Action: (Top Gainers and Top Losers in futures segment)

Today’s top gainers are Polycab, MCX, Persistent, Bandhan Bank and Mindtree.

Today’s top losers are Godrej Properties, Piramal Enterprises, ABFRL, ICICI Prudential and DLF. 

Sector Update: (Top gainer sectors and Top Loser sectors)

The IT and Media sectors are seeing momentum buying with stocks like Mindtree, Coforge, LTI, Sun TV and PVR trading in the green. 

Realty and PSU banks are seeing selling pressure with stocks like Godrej Properties, DLF, Canara Bank, PNB and SBI trading in the red.