F&O Mid-Market Update for 23 May 2022

Blog | F&O

Index Action

Nifty50

Despite a volatile start and a big crack in metal stocks, the Nifty50 scaled 16,300-mark and is trading comfortably in the green. Gains in the Auto, Banking and IT sectors pushed the index higher, while losses in the Metal, Media and Oil & Gas sector dragged it lower. At 12 pm, the Nifty50 was up by 104 points at 16,370. 

For May 26 options contracts, the Nifty50 has sizable positions at 16,500 and 16,800 call options and 16,000 and 15,800 put options. Further, additions were seen in 16,400 call options and 16,200 put options. 

The Nifty50’s immediate support is at 16,000 and resistance is at 16,500 levels. 

Bank Nifty

The Bank Nifty continued its upward march and reclaimed the 34,700-mark. Both private and PSU bank indices are trading with gains of more than 1%. At 12 pm, the Bank Nifty was up by 490 points at 34,767.

For May 26 options contracts, the Bank Nifty has sizable positions at 35,000 and 36,000 call options and 34,000 and 33,000 put options. Further additions were seen in 35,000 call options and 34,5000 put options.

The Bank Nifty’s immediate support is at 34,000 and resistance is at 35,300 levels. 


Stock Action 

Today’s top gainers are CONCOR, Ashok Leyland, HAL, Maruti Suzuki and Indigo. 

Today’s top losers are Jindal Steel and Power, JSW Steel, Tata Steel, NMDC and SAIL. 


Sector Update

Among major sectoral indices, Auto and Realty witnessed buying interest. Stocks like Ashok Leyland, Maruti Suzuki, M&M, DLF and Godrej Properties are trading in the green. 

The Metal and Media sectors came under selling pressure. Stocks like JSPL, JSW Steel, Tata Steel, Sun TV and Zee Entertainment are trading in the red.

Global Markets Update

Major European markets are likely to open higher as their futures are trading positive in the range of 0.9% to 1.2% higher. The US futures are also trading higher, up by 0.9%.

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