Asian Markets Update 7 am
Indian equities may start the day flat to positive, as indicated by the SGX Nifty. The futures contract on the Singapore Exchange is trading 25 points higher. Its Asian peers are trading in the green. The Nikkei 225 advanced 0.7%, while Hong Kong's Hang Seng index rose 0.1%.
US market update
US markets ended mixed as investors awaited the verdict on the debt-ceiling negotiations. Dow Jones ended 0.4% lower, whereas NASDAQ hit a new 2023 high and closed 0.5% higher.
Index Action
Nifty50
May Futures @ 18,324 📈▲99 (+0.5%)
OI Contracts: 1,93,425 (-8.3%)
The Nifty50 ended higher for the second day in a row as it reconquered 18,300 after four days. Gains in Metal and IT helped the index recover from a muted start, whereas pressure in financial stocks kept the upside in check.
The daily charts show that the rally, which started from the 20-day moving average near 18,115, has continued. On the upside, the crucial Fibonacci retracement zone of 18,350 to 18,375 is a vital resistance zone to watch out for.
The Nifty50 options expiring on 25 May have significant positions at 18,500 and 18,400 calls and 18,200 and 18,000 puts.
According to options data and OI analysis, the Nifty50 range for the 25th May expiry is between 18,000 and 18,500. On the other hand, 18,200 and 18,400 are the immediate support and resistance levels for this week.
Bank Nifty
May Futures @ 43,882 📉▼84 (-0.1%)
OI Contracts: 79,541 (+0.7%)
The Bank Nifty opened lower and continued to slide through the day. After a sharp move since the beginning of May, the index is now forming a triangle near the 44,000 mark.
Among banking stocks, Punjab National Bank (+2.6%) and Bandhan Bank (+1.0%) were the top gainers. The top losers were Axis Bank (-0.7%) and IDFC First Bank (-0.6%).
The Bank Nifty's options expiring on 25 May have significant positions at the 44,000 and 44,500 calls and 44,000 and 43,500 puts.
According to options data and OI analysis, Bank Nifty's range for the 25th May expiry is between 43,400 and 44,500. On the other hand, 43,700 and 44,200 are this week's immediate support and resistance levels.
FII and DII Data💰
In the cash market, the Foreign Institutional Investors (FIIs) bought shares worth ₹922 crore, while the Domestic Institutional Investors (DIIs) bought shares worth ₹604 crore. In the derivatives market, FIIs bought index futures worth ₹38 crore and sold index options worth ₹942 crore. Further, they bought stock futures worth ₹1,126 crore and bought stock options worth ₹201 crore.
India VIX
The volatility index rose to 12.57, up 2.2%.
Stock Action📊
Long build-up was seen in Dixon Technologies, Balkrishna Industries, Muthoot Finance, Crompton Greaves and Persistent Systems.
Short build-up was seen in MCX, Siemens, Glenmark, JK Cement and Shriram Finance.
Under F&O Ban: Indiabulls Housing Finance, Manappuram Finance and L&T Finance Holdings.
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