F&O Mid-Market Update for 31 January 2022

Index Action

Nifty50

The Nifty50 started the morning session on a positive note and traded above 17,300 mark. Broad-based gains, led by IT and Energy stocks, pushed the index higher. At 12 pm today, it was trading 233 points higher at 17,335. 

For February 3 options contracts, the Nifty50 has sizable positions at 17,500 and 17,800 call options and 17,000 and 17,300 put options. Further, additions were seen in both 17,500 call options and 17,300 put options. 

The Nifty50 has immediate support at 16,900 and resistance at 17,600 levels. 

Bank Nifty

The Bank Nifty opened above 38,000, but profit-booking dragged it below the psychological mark. The overall breadth remains positive, with 10 out of the 12 banking stocks trading in the green. At 12 pm today, it was trading 177 points higher at 37,866. 

For February 3 options contracts, the Bank Nifty has sizable positions at 38,500 and 38,000 call options and 38,000 and 37,000 put options. Further additions were seen at 38,500 call and 38,000 put options. 

The Bank Nifty has immediate support at 37,100 and resistance is at 38,500 levels. 

Stock Action 

Today’s top gainers are Info Edge, Mindtree, L&T Infotech, United Breweries and Jubilant Foodworks. 

Today’s top losers are Dixon Technologies, IndusInd Bank, Kotak Mahindra Bank, Atul Ltd. and Vedanta. 

Sector Update

Among the Nifty sectoral indices, IT, Realty and Energy registered gains. Stocks like Mindtree, Tech Mahindra, Godrej properties, DLF and Reliance Industries are trading in the green. 

Meanwhile, Private banks came under selling pressure today. Stocks like IndusInd Bank and Kotak Mahindra Bank are trading in the red. 

Global Markets Update

Major European markets are likely to open mixed as their futures are trading in the range of -0.2% to +0.8%. The US Futures are trading in the green, up by 0.2%.