Asian Markets Update @ 7 am
The SGX Nifty is trading 24 (+0.2%) points lower than its last close, indicating a flat to negative start for the Nifty50 today. Major Asian markets are trading mixed. Japan's Nikkei 225 is up 0.04%, while Hong Kong's Hang Seng Index is down 0.2%.
Global Markets Update
US equities rallied sharply but ended mixed after consumer prices rose 6.4% in January, above expectations of 6.2%. Investors remain concerned that while inflation appears to have peaked, it is not cooling as quickly as the Fed would like.
The Dow Jones fell 0.4%, while S&P 500 ended flat with a negative bias. The technology-heavy Nasdaq Composite gained 0.5%.
Index Action
Nifty50
February Futures: 17,942 📉▲140 (+0.7%)
OI Contracts: 1,90,290 (-11%)
The Nifty50 snapped a two-day losing streak to close above the 17,900 mark, its highest since 24 January. The gains were supported by a rise in the two heavyweight sectors, banking and IT, along with a jump in Reliance Industries. Investors will be eyeing the 50-EMA as the next key level for the index.
Among major sectoral indices, PSU Bank (+1.0%) and FMCG (+1.0%) were the top gainers, while Realty (-1.8%) and Auto (-0.3%) were the top losers.
The Nifty50 options contracts expiring on 16 February have significant positions at 18,000 and 18,200 calls and 17,800 and 17,900 puts.
As per options data and OI analysis, the Nifty50’s broad range for the February expiry is between 17,600 and 18,200 levels. On the other hand, 17,800 and 18,100 is the short-term range for the current week.
Bank Nifty
February Futures: 41,705 📈▲323 (+0.7%)
OI Contracts: 89,565 (-8.9%)
The Bank Nifty rebounded to 41,700 and ended with gains of nearly 1%. The index gained momentum in the second half of trade and closed above its 20-EMA.
Among banking stocks, Bank of Baroda (+2.1%) and ICICI Bank (+1.7%) were the top gainers, while Federal Bank (-0.5%) and Bandhan Bank (-0.4%) were the biggest laggards.
The Bank Nifty’s options contracts expiring on 16 February have significant positions at 42,000 and 43,000 calls and 41,500 and 41,000 puts.
As per options data and OI analysis, the Bank Nifty’s broad range for the February expiry is between 40,800 and 42,700 levels. On the other hand, 41,200 and 42,100 is the short-term range for the current week.
FII and DII Data💰
The Foreign Institutional Investors (FIIs) bought shares worth ₹1,305 crore, while Domestic Institutional Investors (DIIs) bought shares worth ₹204 crore in the cash market. In the derivatives market, FIIs bought index futures worth ₹3,773 crore and sold index options worth ₹13,709 crore. Further, they bought stock futures worth ₹1,994 crore and bought stock options worth ₹251 crore.
India VIX
The India VIX, which measures the implied volatility of Nifty50 options, fell 1.6% to 13.45.
Stock Action📊
Long build-up was seen in ITC, Shree Cement, Glenmark Pharma, HCL Tech and Power Finance Corporation.
Short build-up was seen in Ipca Labs, Bharat Forge, Eicher Motors, Godrej Properties and Grasim.
Under F&O Ban: Ambuja Cements, BHEL, Indiabulls Housing Finance and Punjab National Bank.
*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.
Download the Upstox App Today