F&O Mid-Market Update for 7 January 2022

Index Action

Nifty50

After yesterday’s profit-booking session, Nifty50 resumed its uptrend today with a strong 100 point rally. Majority of the sectoral indices are trading in green with Banks and IT being the leaders so far. At 12 pm today, it was trading 54 points higher at 17,800.

For January 13 options contracts, Nifty50 has sizable positions at 18,000 and 17,900 call options and 17,500 and 17,800 put options. Further, additions were seen in both 18,000 call options and 17,800 put options.

Nifty50 has immediate support at 17,400 and resistance is at 18,100 levels. 

Bank Nifty

With strong buying in both PSU and Private banks, the Bank Nifty is outperforming Nifty50 by more than half a percent. At 12 pm today, it was trading 244 points higher at 37,734.

For January 13 options contracts, Bank Nifty has sizable positions at 38,000 and 38,500 call options and 38,000 and 37,000 put options. Further additions were seen at 38,200 call options and 37,500 put options. 

Bank Nifty has immediate support at 36,700 and resistance is at 38,300 levels. 

Stock Action 

Today’s top gainers are India Cements, Jubilant Foodworks, Whirlpool, IRCTC and Grasim. 

Today’s top losers are GMR Infra, Bajaj Finserv, Navin Fluorine, GNFC and Tata Communications. 

Sector Update

Banking and Energy have emerged as the leading sectors with buying interest today. Stocks like AU Small Finance Bank, Bandhan Bank, ICICI Bank, ONGC and Reliance Industries are trading in the green.

Auto sector came under selling pressure today. Stocks like TVS Motor, Bosch, Bajaj Auto and M&M are trading in the red. 

Global Markets Update

Major European markets are likely to see a mixed opening as their futures are trading in the range of -2% to +0.1%. US Futures are trading in the green, up nearly 0.2%.