Asian Markets Update 7 am
Indian equities may start the day flat to negative, as the GIFT Nifty indicates. The futures contract on the NSE International Exchange (NSE IX) is trading 14 (-0.07%) points lower. Its Asian peers are trading mixed. The Nikkei 225 gained 0.04%, while Hong Kong's Hang Seng index fell 0.6%.
US market update
US markets ended lower as tech stocks plummeted due to weakness in chip stocks. Dow Jones declined 0.5%, while NASDAQ fell 1.1%.
Index Action
NIFTY50
August Futures @ 19,693 📈▲81 (+0.4%)
OI Contracts: 2,23,904 (+0.8%)
Ahead of the RBI interest rate decision and weekly derivatives contract expiry today, the Nifty50 surged and settled higher. The index staged a smart recovery in the second half from the 19,450 level and ended above 19,600. The index made a bullish candle but still faced resistance near its 20 DMA close to 19,650.
Among the major companies, Grasim, Hero MotoCorp, and LIC will announce their earnings today.
The Nifty50 options expiring on 10 August have significant positions at 19,800 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, 19,500 and 19,750 are this week's immediate support and resistance levels.
BANK NIFTY
August Futures @ 45,017 📉▼39 (-0.09%)
OI Contracts: 1,15,537 (-2.1%)
The Bank Nifty rebounded from its 50 DMA and recovered more than 300 points from the day's low point. Despite the sharp upswing, the index ended the day in red. The banking index continues to face a hurdle near the 45,000 level, which it has not been able to regain since the last six sessions, on a closing basis.
IDFC First Bank (+0.8%) and IndusInd Bank (+0.3%) were the top gainers among banking index stocks. Punjab National Bank (-0.9%) and ICICI Bank (-0.7%) were the top laggards.
The Bank Nifty's options expiring on 10 August have significant positions at the 45,000 and 45,100 calls and 44,500 and 44,700 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 45,100 are this week's immediate support and resistance levels.
FINNIFTY
August Futures @ 20,129 📉▼25 (-0.1%)
OI Contracts: 1,882 (-1.9%)
The FINNIFTY, too, rebounded sharply but ended in red. The FINNIFTY's options expiring on 14 August have significant positions at the 20,100 and 20,000 calls and 20,000 and 20,100 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 20,400.
FII and DII Data**💰
In the cash market, Foreign Institutional Investors (FIIs) bought shares worth ₹644 crore, while Domestic Institutional Investors (DIIs) sold shares worth ₹597 crore. In the derivatives market, FIIs sold index futures worth ₹322 crore and sold index options worth ₹12,407 crore. Further, they sold stock futures worth ₹1,979 crore and sold stock options worth ₹355 crore.
India VIX
The volatility index declined 1.6% and settled at 11.14.
Stock Action📊
The long build-up was seen in Coal India, Trent, Dr Reddy's, ABB and JK Cement.
The short build-up was seen in Berger Paints, Bata India, Siemens, Sun TV and Pidilite.
Under F&O Ban: Balrampur Chini, Chambal Fertilisers, Delta Corp, Hindustan Copper and Indiabulls Housing Finance.
*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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