Global Markets Update
The SGX Nifty is trading in the green, up by 138 points. Major Asian markets are trading higher. In Japan, the Nikkei rose 1.2% and Hong Kong’s Hang Seng index climbed 1.1% at 7 am India time.
In a reversal, the US stocks closed higher on Friday, the Dow Jones climbed 1.4%, and the Nasdaq rose 3.8%. However, weekly losses of the major indices remained intact, and the Dow Jones fell for a seventh straight week, its longest losing streak since July 2001. European markets ended higher in the range of 2.1% to 2.5%.
Stock Action
Long build-up was seen in M&M, Sun Pharma, RBL Bank, Titan and ConCor.
Short build-up was seen in GNFC, Honeywell Automation, SBI, NTPC and Maruti Suzuki.
Major companies announcing results today are Bharat Forge, MCX India and Raymond.
F&O stocks in ban
Stocks in ban: GNFC, Indiabulls Housing Finance and PNB
Stocks added: GNFC
Stocks out of ban:
FII/DII Activity**
In the cash market, FIIs were net sellers of ₹3,780 crore, while DIIs were net buyers of ₹3,169 crore. In the derivatives market, FIIs bought index futures worth ₹2,859 crore and sold index options worth ₹1,197 crore. Further, bought stock futures worth ₹533 crore and sold stock options worth ₹305 crore.
Index Action
Nifty50
On Friday, the Nifty50 declined nearly 300 points in the last hour of trade despite starting the day on a strong footing. Metal and financial stocks dragged the index lower, while auto and FMCG cushioned the fall. The relentless selling by FIIs kept the pressure on the Nifty50, and it ended the day 25 points lower at 15,782.
The India VIX dropped 3.2% to 23.48.
The Nifty50’s options contracts expiring on 26 May have sizable positions at 17,000 and 16,500 call options and 16,000 and 15,500 put options.
The Nifty50’s options contracts expiring on 19 May have sizable positions at 16,000 and 16,500 call options and 15,800 and 15,500 put options.
As per options data, the broad range for the Nifty50 is between 15,100 and 16,800 levels. Its immediate support is at 15,500 and resistance is at 16,200 levels.
Bank Nifty
The Bank Nifty declined more than 800 points in the last hour of trade and took support near the 33,000-mark. With index heavyweights, SBI and ICICI bank falling more than 2%, the Bank Nifty closed at 33,121, down 410 points, after hitting an intraday high of 34,002.
The Bank Nifty’s options contracts expiring on 26 May have sizable positions at 36,000 and 35,000 call options and 32,000 and 33,000 put options.
The Bank Nifty’s options contracts expiring on 19 May have sizable positions at 34,000 and 35,000 call options and 32,500 and 32,000 put options.
As per the options data, the broad range for the Bank Nifty is between 32,000 and 34,400 levels. Its immediate support is at 32,800 and resistance is at 34,000 levels.
*In Futures and Options or F&O, long build-up means an increase in Open Interest (OI) along with an increase in price, and short build-up means an increase in Open Interest (OI) along with a decrease in price.
**Source: nseindia.com. Cash market figures are provisional.
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