Asian Markets Update @7 am
The SGX Nifty is trading lower by 111 points, signalling a negative start for the Nifty50 today. Major Asian markets are also trading lower. In Japan, the Nikkei fell 1.6%, while Hong Kong’s Hang Seng index slipped 0.8%.
Global Markets Update
The US markets closed lower on Monday ahead of the release of June inflation data and earnings reports. The Dow Jones slipped 0.5%, while the Nasdaq lost 2.2%. The European markets closed flat to negative in the range of +0.0% to -1.4%.
Stock Action
Long build-up was seen in Intellect Design, Nippon Life, Eicher Motors, Granules India and Exide Industries.
Short build-up was seen in TCS, Bharti Airtel, HCL Technologies, BPCL and Wipro.
FII/DII Activity**
In the cash market, FIIs were net sellers of ₹170 crore, while DIIs were net sellers of ₹296 crore. In the derivatives market, FIIs sold index futures worth ₹524 crore and bought index options worth ₹2,714 crore. Further, they sold stock futures worth ₹560 crore and bought stock options worth ₹73 crore.
Index Action
Nifty50
The Nifty50 ended a volatile day marginally lower after three days of gains. The index recovered its opening losses but ended in red amid weak global cues and a sell-off in IT stocks. However, gains in metal and oil & gas stocks helped the index recover losses. The Nifty50 ended the day 4 points lower at 16,216.
The India VIX, a gauge of the market's volatility in the near term, slipped 0.1% to 18.36.
The Nifty50’s options contracts expiring on 28 July have sizable positions at 16,500 and 17,000 call options and 15,000 and 15,500 put options.
The Nifty50’s options contracts expiring on 14 July have sizable positions at 16,200 and 16,600 call options and 16,000 and 16,100 put options.
As per options data, the broad range for the Nifty50 is between 15,600 and 16,800 levels. Its immediate support is at 16,000 and resistance is at 16,400 levels.
Bank Nifty
The Bank Nifty ended nearly 1% higher and outperformed the broader market space. Barring Kotak Mahindra Bank and SBI, all other ten stocks of the index closed in the green. The Bank Nifty rose 345 points to 35,469.
The Bank Nifty’s options contracts expiring on 28 July are scattered and have sizable positions at 36,000 and 35,000 call options and 34,000 and 35,000 put options.
The Bank Nifty’s options contracts expiring on 14 July have sizable positions at 35,500 and 36,000 call options and 35,000 and 34,000 put options.
As per the options data, the broad range for the Bank Nifty is between 34,200 and 36,400 levels. Its immediate support is at 35,000 and resistance is at 35,800 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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