Asian Markets Update @8 am 🕖
SGX Nifty is trading lower by 388 points, signalling a gap-down opening for the NIFTY 50 today. Major Asian markets are also trading lower following Fed Chairman Jerome Powell’s Jackson Hole speech on Friday. In Japan, the Nikkei fell 2.7%, while Hong Kong’s Hang Seng index slipped 0.9%.
Global Markets Update
U.S markets fell sharply on Friday after Fed Chairman Jerome Powell signalled that the higher interest rates will cause some pain to the U.S economy. The Dow Jones plunged 3.0%, while tech-focused Nasdaq dropped 3.9%. European markets also closed lower in the range of -0.7% to -2.2%.
Index Action
NIFTY 50 @ 17,558 📈 ▲ 36 (+0.2%)
NIFTY 50 seesawed between gains and losses and closed Friday's session marginally higher. Among sectors, Metal (+1.7%) and PSU Bank (+0.9%) were the top gainers, while Media (-0.6%) and Realty (-0.3%) were the top losers.
NIFTY 50’s options contracts expiring on 29 September are scattered and have sizable positions at 18,000 and 19,000 call options and 16,000 and 16,500 put options.
NIFTY 50’s options contracts expiring on 1 September have sizable positions at 17,700 and 18,000 call options and 17,000 and 17,500 put options.
As per options data, the broad range for the NIFTY 50 is between 16,600 and 18,000 levels. Its immediate support is at 17,200 and resistance is at 17,700 levels.
BANK NIFTY @38,987 📈▲ 36 (+0.09%)
BANK NIFTY also ended a volatile session marginally higher. It gained 36 points and closed Friday's session at 38,987. Among stocks, Bank of Baroda (+1.9%) and Kotak Mahindra Bank (+1.7%) were the top gainers, while Bandhan Bank (-3.6%) and IndusInd Bank (-1.8%) were the top losers.
BANK NIFTY’s options contracts expiring on 29 September are scattered and have sizable positions at 40,000 and 41,000 call options and 40,000 and 38,000 put options.
BANK NIFTY’s options contracts expiring on 1 September have sizable positions at 39,500 and 40,000 call options and 39,000 and 38,000 put options.
As per options data, the broad range for the BANK NIFTY is between 37,200 and 39,900 levels. Its immediate support is at 38,200 and resistance is at 39,500 levels.
FII and DII Data**
In the cash market, FIIs were net sellers of ₹51 crore, while DIIs were net buyers of ₹453 crore. In the derivatives market, FIIs bought index futures worth ₹1,020 crore and bought index options worth ₹3,522 crore. Further, they bought stock futures worth ₹603 crore and sold stock options worth ₹6 crore.
India VIX
The India VIX, a gauge of the market's volatility in the near term, slipped 6.9% to 18.22.
Stock Action📊
Long build-up was seen in Firstsource Solutions, Kotak Mahindra Bank, Hindustan Aeronautics, Concor and Delta Corp.
Short build-up was seen in City Union Bank, RBL Bank, Eicher Motors, UPL and Gujarat Gas.
*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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