Asian Markets Update @ 7 am
The SGX Nifty is trading 33 points (+0.1%) higher compared to its last close, indicating a flat to negative start for the Nifty50 today. Major Asian markets are trading in the red. Japan's Nikkei 225 is down 0.4%, while Hong Kong's Hang Seng is down by 0.3%.
Global Market Update
US equities settled in red with a slump in PayPal and weakness in chip stocks one day ahead of the critical consumer inflation data. The Dow Jones fell by 0.1% to close at 33,561. Meanwhile, the S&P 500 lost 0.4% to settle at 4,119, and the Nasdaq Composite fell 0.6%, closing at 12,179.
Index Action
Nifty50
May Futures @ 18,305 📉▼5 (-0.03%)
OI Contracts: 2,25,142 (+3.9%)
The Nifty50 traded in a range of a little over 100 points and ended flat. The benchmark index formed a spinning top candle which is often regarded as a neutral pattern. The markets remained indecisive ahead of the US inflation and domestic corporate earnings, with investors preferring to stay light on positions.
Sectorally, IT (0.7%) and Auto (+0.4%) were the top gainers, whereas PSU Bank (-2.7%) and Realty (-0.8%) were the laggards.
The Nifty50 options expiring on 11 May have significant positions at 18,300 and 18,500 calls and 18,200 and 18,000 puts.
According to options data and OI analysis, the Nifty50's long range for the 25th May expiry is between 17,900 and 18,600. On the other hand, 18,100 and 18,400 is the short-term range for this week.
Bank Nifty
May Futures @ 43,201 📉▼114 (-0.2%)
OI Contracts: 89,654 (-5.6%)
The Bank Nifty surpassed the 43,500 level but slipped lower as profit booking set in at higher levels. Despite closing in red by nearly a quarter of a per cent, the index held above its previous two days' low levels suggesting support at lower levels.
Among banking stocks, AU Small Finance (+1.3%) and IndusInd Bank (+1.2%) were the top gainers, while Bank of Baroda (-2.8%) and Punjab National Bank (-3.5%) were the laggards.
The Bank Nifty's options expiring on 11 May have significant positions at the 43,500 and 43,400 calls and 43,000 and 42,000 puts.
According to options data and OI analysis, Bank Nifty's range for the 25th May expiry is between 42,200 and 44,200. On the other hand, 42,800 and 43,600 is the short-term range for this week.
FII and DII Data💰
The Foreign Institutional Investors (FIIs) bought shares worth ₹1,942 crore, while Domestic Institutional Investors (DIIs) bought shares worth ₹404 crore in the cash market. In the derivatives market, FIIs sold index futures worth ₹515 crore and sold index options worth ₹10,573 crore. Further, they bought stock futures worth ₹60 crore and sold stock options worth ₹245 crore.
India VIX
The fear gauge India VIX rose 0.3% to 12.68.
Stock Action📊
Long build-up was seen in Mahanagar Gas, Tata Communications, Indraprastha Gas, Lupin and SRF.
Short build-up was seen in Canara Bank, UPL, Abbott Industries, Ploycab and SBI.
Under F&O Ban: BHEL, Canara Bank, GNFC and Manappuram Finance.
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