Asian Markets Update @ 7 am
The SGX Nifty is trading 124 (-0.6%) points lower than its last close, indicating a negative start for the Nifty50 today. Major Asian markets are trading mixed. Japan's Nikkei 225 rose 0.4%, while Hong Kong's Hang Seng Index fell 1.6%.
Global Market Update
US stocks fell sharply on Tuesday as hawkish comments from Fed Chairman Jerome Powell stoked concerns of an aggressive rate hike path at its meeting later in the month. The Dow Jones fell 1.7%. The S&P 500 dropped 1.5% and the tech-heavy Nasdaq declined 1.2%.
Index Action
Nifty50
March Futures @ 17,779 📈▲107 (+0.6%)
OI Contracts: 1,95,807 (-9.7%)
The Nifty50 rose to 17,800 led by gains in Power, Auto and IT stocks. The index settled in green but off day’s high point. For the coming days, markets will shift focus to global triggers including US Treasury yields, Fed commentary and its interest rate decision.
Sectorally, Realty (-0.5%) and PSU Bank (-0.2%) were the laggards whereas Oil & Gas (+1.9%) and IT (+1.2%) were the biggest gainers.
The Nifty50 options expiring on 9 March have significant positions at 17,800 and 18,000 calls and 17,500 and 17,400 puts.
According to options data and OI analysis, the Nifty50's long range for the 29 March expiry is between 17,300 and 18,100. On the other hand, 17,500 and 17,800 is the short-term range for the current week.
Bank Nifty
March Futures @ 41,525 📈▲101 (+0.2%)
OI Contracts: 89,717 (-6.7%)
The Bank Nifty opened higher but faced resistance near its 50-DMA close to the 41,700 level. With a slide in PSU banking stocks, the banking index slipped lower but closed in the green.
Among banking stocks, IDFC First Bank (+1.3%) and Axis Bank (+0.8%) were the top gainers and PNB (-0.9%) and IndusInd Bank (-0.5%) were the top losers.
The Bank Nifty's options expiring on 9 March have significant positions at the 41,500 and 42,000 calls and 41,000 and 40,000 puts.
According to options data and OI analysis, Bank Nifty's range for the 29th March expiry is between 40,200 and 42,600. On the other hand, 40,900 and 41,800 is the short-term range for the current week.
FII and DII Data💰
The Foreign Institutional Investors (FIIs) bought shares worth ₹721 crore, while Domestic Institutional Investors (DIIs) bought shares worth ₹757 crore in the cash market. In the derivatives market, FIIs bought index futures worth ₹1,446 crore and sold index options worth ₹910 crore. Further, they sold stock futures worth ₹104 crore and bought stock options worth ₹211 crore.
India VIX
The fear gauge India VIX rose 0.7% to 12.27.
Stock Action📊
Long build-up was seen in Mahanagar Gas, Chambal Fertilisers, SBI Cards, Firstsource Solutions and GNFC.
Short build-up was seen in Tata Steel, Larsen & Toubro, Ramco Cements, Punjab National Bank and Zee Entertainment.
*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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