Asian Markets Update @ 7 am
The SGX Nifty is trading 30 points (-0.1%) lower compared to its last close, indicating a flat to negative start for the Nifty50 today. Major Asian markets are trading lower. Japan's Nikkei 225 fell 1.2%, while the Hong Kong market is shut on account of public holiday.
Global Market Update
US stocks ended in red after industrial stocks slumped and fresh jitters cropped up in the banking sector following JP Morgan’s chief executive warning that the banking crisis was far from over. The Dow Jones fell 0.5% to close at 33,402. The S&P 500 lost 0.5% to 4,100, while the Nasdaq Composite declined 0.5% to close at 12,126.
Index Action
Nifty50
April Futures @ 17,474 📈▲32 (+0.1%)
OI Contracts: 2,16,439 (-5.2%)
The Nifty50 ended a range-bound session in the green led by moves in the Auto and Financial stocks. The upside on the index was capped with FMCG and Pharma stocks reeling under pressure. The index continues to trade below its 200-DMA which is close to the 17,500 level.
Sectorally, Auto (+1.4%) and PSU Bank (+1.0%) were the top gainers whereas Oil & Gas (-0.4%) and FMCG (-0.3%) were the top laggards.
The Nifty50 options expiring on 6 April have significant positions at 17,700 and 17,500 calls and 17,000 and 17,200 puts.
According to options data and OI analysis, the Nifty50's long range for the 27th April expiry is between 16,900 and 17,900. On the other hand, 17,200 and 17,600 is the short-term range for this week.
Bank Nifty
April Futures @ 41,029 📈▲196 (+0.4%)
OI Contracts: 1,10,45 (-21.4%)
The Bank Nifty continued to soar higher and settled with gains of half a percent. With a closing above 40,800, the banking index not only closed above its 50-DMA but also above the downward sloping channel that started since December.
Among banking stocks, Bandhan Bank (+4.2%) and Punjab National Bank (+1.6%) were the top gainers, while AU Small Finance Bank (-2.8%) was the only banking index stock to end in red.
The Bank Nifty's options expiring on 6 April have significant positions at the 41,000 and 41,200 calls and 40,000 and 40,500 puts.
According to options data and OI analysis, Bank Nifty's range for the 27th April expiry is between 39,600 and 42,000. On the other hand, 40,400 and 41,200 is the short-term range for this week.
FII and DII Data💰
The Foreign Institutional Investors (FIIs) bought shares worth ₹321 crore, while Domestic Institutional Investors (DIIs) sold shares worth ₹328 crore in the cash market. In the derivatives market, FIIs sold index futures worth ₹511 crore and sold index options worth ₹2,429 crore. Further, they sold stock futures worth ₹307 crore and bought stock options worth ₹21 crore.
India VIX
The fear gauge India VIX fell 2.7% to 12.59.
Stock Action📊
Long build-up was seen in Balrampur Chini, Bajaj Auto, ONGC, GMR Infra and Maruti Suzuki.
Short build-up was seen in Mahanagar Gas, Apollo Hospitals, BHEL, Syngene International and PVR.
*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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