Asian Markets Update 7 am
Indian equities may start the day positive, as the GIFT Nifty indicates. The futures contract on the NSE International Exchange (NSE IX) is trading 52 (+0.2%) points higher. Its Asian peers are trading lower. The Nikkei 225 declined 0.1%, while Hong Kong's Hang Seng index fell 0.2%.
US market update
US markets trimmed their losses but ended lower after Moody's cut ratings for several US regional banks and hinted at downgrades for other major lenders. Dow Jones declined 0.4%, while NASDAQ fell 0.7%.
Index Action
NIFTY50
August Futures @ 19,609 📉▼52 (-0.2%)
OI Contracts: 2,21,944 (-0.6%)
The Nifty50 faced resistance near its 20 DMA and settled with modest cuts on Tuesday. On the downside, the index held above 19,500 and recovered in the second half. Despite the lower closing, the index has formed a higher high, higher low candle setup on the daily charts.
Among the major companies, Bata India, Bharat Forge, Granules and Zee Entertainment will announce their earnings today.
The Nifty50 options expiring on 10 August have significant positions at 19,600 and 19,700 calls and 19,500 and 19,400 puts.
According to options data and OI analysis, the Nifty50 range for the 31st August expiry is between 19,000 and 19,900. On the other hand, 19,400 and 19,700 are this week's immediate support and resistance levels.
BANK NIFTY
August Futures @ 45,064 📈▲100 (+0.2%)
OI Contracts: 1,18,020 (+0.3%)
Ahead of Thursday's RBI interest rate decision announcement, the Bank Nifty outperformed the Nifty and settled in green. The index hovered around the 45,000 mark for most of the day and ended just below it. Recovery in PSU banks led to a rise in the banking index.
Bank of Baroda (+2.8%) and Punjab National Bank (+2.9%) were the top gainers among banking index stocks. IndusInd Bank (-0.8%) and AU Small Finance (-0.7%) were the top laggards.
The Bank Nifty's options expiring on 10 August have significant positions at the 45,000 and 45,500 calls and 45,000 and 44,500 puts.
According to options data and OI analysis, Bank Nifty's range for the 31st August expiry is between 43,500 and 46,000. On the other hand, 44,500 and 45,200 are this week's immediate support and resistance levels.
FINNIFTY
August Futures @ 20,169 📈▲56 (+0.2%)
OI Contracts: 1,919 (+10.61%)
The FINNIFTY traded in a narrow range but settled higher. The FINNIFTY's options expiring on 14 August have significant positions at the 20,100 and 20,200 calls and 20,000 and 19,900 puts.
According to options data and OI analysis of contracts expiring on 8 August, FINNIFTY's immediate support and resistance levels are at 19,800 and 20,500.
FII and DII Data**💰
In the cash market, the Foreign Institutional Investors (FIIs) sold shares worth ₹711 crore, while the Domestic Institutional Investors (DIIs) bought shares worth ₹537 crore. In the derivatives market, FIIs bought index futures worth ₹423 crore and sold index options worth ₹936 crore. Further, they sold stock futures worth ₹82 crore and bought stock options worth ₹1 crore.
India VIX
The volatility index rose 2.0% and settled at 11.33.
Stock Action📊
The long build-up was seen in Max Financial Services, Dixon Technologies, PI Industries, SBI Life and CONCOR.
The short build-up was seen in Tata Chemicals, AU Small Finance Bank, Britannia, Godrej Consumer and Hindalco.
Under F&O Ban:Balrampur Chini, Chambal Fertilisers, Delta Corp, Hindustan Copper, Indiabulls Housing Finance and India Cements.
*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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