F&O Mid-Market Update for 22 February 2022

Index Action

Nifty50

The Nifty50 opened sharply lower amid weak global cues. It rebounded from 16,850 levels but continues to face the selling pressure. All sectoral indices are trading lower, with PSU Bank and Metal losing the most. At 12 pm today, it was trading 255 points lower at 16,951.

For February 24 options contracts, the Nifty50 has sizable positions at 17,500 and 17,000 call options and 17,000 and 16,900 put options. Further, additions were seen in 17,000 call options and 16,800 put options. 

The Nifty50's immediate support is at 16,700 and resistance is at 17,500 levels. 

Bank Nifty

The Bank Nifty plunged to 36,800 in the opening session and has seen a steady recovery from thereon. With all the 12 stocks of the index trading in red, at 12 pm it was trading 398 points lower at 37,286.

For February 24 options contracts, the Bank Nifty has sizable positions at 38,000 and 37,500 call options and 37,000 and 36,500 put options. Further additions were seen in 37,500 call options and 37,000 put options. 

The Bank Nifty's immediate support is at 36,800 and resistance is at 38,300 levels. 

Stock Action 

Today’s top gainers are Indiabulls Housing Finance, NALCO, Nippon, Mphasis and Metropolis. 

Today’s top losers are MCX India, Rain Industries, CONCOR, GNFC and Balkrishna Industries. 

Sector Update

All major sectoral indices are trading in the red, with PSU Bank, Metal and IT sectors being the worst drags. Stocks like Canara Bank, SBI, Tata Steel, SAIL and TCS are trading in the red.

Global Markets Update

Major European markets are likely to open lower as their futures are trading in the range of -1.7% to -0.9%. The US futures are trading lower, down by 1.4%.