F&O Mid-Market Update for 3 June 2022

Nifty50

Amid positive global cues, the Nifty50 opened above the 16,750-mark and sustained its opening gains. Sectorally, oil & gas and IT stocks pushed the index higher, while auto and pharma struggled. At 12 pm, the Nifty50 was trading 123 points higher at 16,751.

For June 9 options contracts, the Nifty50 has sizable positions at 17,000 and 16,800 call options and 16,500 and 16,000 put options. Further, additions were seen in 16,800 call options and 16,500 put options. 

The Nifty50’s immediate support is at 16,500 and resistance is at 17,100 levels. 

Bank Nifty

The Bank Nifty started the session on a strong note and inched closer to the 35,900-mark. However, the selling pressure at higher levels dragged the index down. At 12 pm, the Bank Nifty was trading 78 points up at 35,692.

For June 9 options contracts, the Bank Nifty has sizable positions at 36,000 and 36,500 call options and 35,000 and 35,500 put options. Further additions were seen in 36,000 call options and 35,500 put options.

The Bank Nifty’s immediate support is at 35,300 and resistance is at 36,100 levels. 

Stock Action 

Today’s top gainers are Indiabulls Housing Finance, Intellect Design, Metropolis, Birlasoft and ABFRL.  

Today’s top losers are JK Cement, Dalmia Bharat, Grasim, Shree Cement and Ramco Cements. 

Sector Update

Among major sectoral indices, IT and Oil & Gas witnessed buying interest. Stocks like Infosys, Mindtree, Wipro, Reliance and Gujarat State Petronet are trading in the green. 

The Auto and Pharma sectors witnessed selling pressure. Stocks like Mahindra & Mahindra, Hero MotoCorp, Maruti Suzuki, Cipla and Ipca Labs are trading in the red. 

Global Markets Update

Major European markets are likely to open higher as their futures are trading in the range of 0.7% to 0.8%. The US futures are trading higher, up by 0.1%.