Asian Markets Update 7 am
Indian equities may start the day lower, as the GIFT Nifty indicates. The futures contract on the NSE International Exchange (NSE IX) is trading 33 (-0.1%) points lower. Its Asian peers are also trading lower. The Nikkei 225 declined 1.1%, while Hong Kong's Hang Seng index fell 1.2%.
US market update
US markets ended lower after the Fed minutes from its June meeting showed a further appetite for rate hikes but big tech stocks continued to surge. Dow Jones declined 0.3% while NASDAQ slipped 0.2%
Index Action
Nifty50
July Futures @ 19,478 📈▲19 (+0.1%)
OI Contracts: 2,09,154 (+1.1%)
Ahead of today's weekly expiry, the index ended flat with a positive bias making it seven days of higher closing. The index recovered in the last hour of trade but did not cross the previous day's high point. The index is now approaching the upper end of the upward-sloping channel, while the RSI continues to slip lower on the hourly charts.
The Nifty50 options expiring on 6 July have significant positions at 19,500 and 19,400 calls and 19,300 and 19,000 puts.
According to options data and OI analysis, the Nifty50 range for the 27th July expiry is between 19,000 and 19,700. On the other hand, 19,300 and 19,500 are this week's immediate support and resistance levels.
Bank Nifty
July Futures @ 45,271 📉▼93 (-0.2%)
OI Contracts: 1,79,009 (-2.3%)
Bank Nifty underperformed versus the Nifty50 and settled in the red. The banking index, however, remained above the previous day's low point. Pressure in private banks dragged the index lower, while momentum in PSU banks helped protect the downside.
Punjab National Bank (+2.7%) and IndusInd Bank (+2.3%) were the top gainers among banking stocks. HDFC Bank (-3.1%) and Bandhan Bank (-2.7%) were the biggest laggards.
The Bank Nifty's options expiring on 6 July have significant positions at the 45,500 and 45,300 calls and 45,000 and 44,500 puts.
According to options data and OI analysis, Bank Nifty's range for the 27th July expiry is between 44,000 and 46,600. On the other hand, 44,700 and 45,600 are this week's immediate support and resistance levels.
FII and DII Data💰
In the cash market, Foreign Institutional Investors (FIIs) bought shares worth ₹1,603 crore, while \Domestic Institutional Investors (DIIs) sold shares worth ₹439 crore. In the derivatives market, FIIs bought index futures worth ₹462 crore and sold index options worth ₹12,060 crore. Further, they bought stock futures worth ₹87 crore and sold stock options worth ₹548 crore.
India VIX
The volatility index gained 1.5% and settled at 11.88.
Stock Action📊
The long build-up was seen in Colgate-Palmolive, Exide Industries, BHEL, Samvardhana Motherson and Dabur.
The short build-up was seen in Dixon Technologies, Atul Ltd, LTI Mindtree, Bandhan Bank and SRF.
*In Futures and Options or F&O, long build-up means an increase in Open Interest (OI)
long 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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