F&O Mid-Market Update for 6 June 2022

Index Action

Nifty50

After a negative start, the Nifty50 took support at 16,450 levels and made a swift recovery of more than 100 points and reclaimed the 16,500-mark. Losses in IT and cement stocks dragged the index lower, while gains in oil & gas and metal stocks provided support. At 12 pm, the Nifty50 was trading 64 points down at 16,519.

For June 9 options contracts, the Nifty50 has sizable positions at 17,000 and 16,800 call options and 16,500 and 16,300 put options. Further, additions were seen in 16,700 call options and 16,400 put options. 

The Nifty50’s immediate support is at 16,300 and resistance is at 16,800 levels. 

Bank Nifty

The Bank Nifty faced bouts of volatility and oscillated between red and green zones. With eight out of 12 bank stocks trading in the red, its breadth was skewed in favour of the bears. At 12 pm, the Bank Nifty was trading 31 points lower at 35,243.

For June 9 options contracts, the Bank Nifty has sizable positions at 36,000 and 36,500 call options and 35,000 and 34,500 put options. Further additions were seen in 35,500 call options and 35,000 put options.

The Bank Nifty’s immediate support is at 34,900 and resistance is at 35,800 levels. 

Stock Action 

Today’s top gainers are JSW Steel, Balrampur Chini, ONGC, Coromandel and Glenmark Pharma.  

Today’s top losers are Indiabulls Housing Finance, Coforge, L&T Technology Services, Info Edge and IEX.

Sector Update

Among major sectoral indices, Oil & Gas and Metal sectors witnessed buying interest. Stocks like Oil India, ONGC, GAIL, JSW Steel and  Jindal Steel and Power are trading in the green. 

The IT and Realty sectors came under selling pressure. Stocks like Coforge, L&T Technology Services, Mphasis, DLF and Godrej Properties 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 0.5% to 0.7%. The US futures are trading higher, up by 0.5%.