F&O Mid-Market Update for 24 May 2022

Blog | F&O

Index Action

Nifty50

With rising volatility, the Nifty50 index is oscillating between the green and red territory and slipped to 16,100-mark. However, aided by gains in banks and financial stocks—the index made a sharp recovery of more than 100 points and was off day’s low. At 12 pm, it was trading 8 points higher at 16,223. 

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

The Nifty50’s immediate support is at 16,000 and resistance is at 16,400 levels. 

Bank Nifty

The Bank Nifty continues its outperformance over the Nifty50 and is trading higher by 0.6%. With eight out of 12 bank stocks trading in the green, the breadth remains in favour of bulls.  At 12 pm, the Bank Nifty was up 218 points at 34,465.

For May 26 options contracts, the Bank Nifty has sizable positions at 34,500 and 35,000 call options and 34,000 and 33,000 put options. Further additions were seen in 34,500 call options and 34,000 put options.

The Bank Nifty’s immediate support is at 33,800 and resistance is at 35,000 levels. 


Stock Action 

Today’s top gainers are Coromandel, Ashok Leyland, GMR Infra, LIC Housing Finance and HPCL. 

Today’s top losers are Divi’s Labs, Grasim, Piramal Enterprises, PVR and Manappuram. 


Sector Update

Among major sectoral indices, the Nifty Bank and Financial Services witnessed buying interest. Stocks like Kotak Mahindra Bank, HDFC Bank, SBI, HDFC and SBI Cards are trading in the green. 

The IT and Media sectors came under selling pressure. Stocks like LTI, Mindtree, HCL Tech, PVR and Sun TV are trading in the red.


Global Markets Update

Major European markets are likely to open lower as their futures are trading negative in the range of 0.7% to 1% lower. The US futures are also trading lower, down by 0.7%.

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