Asian Markets Update 7 am
Indian equities may start the day flat to positive, as the GIFT Nifty indicates. The futures contract on the NSE International Exchange (NSE IX) is trading 4 (+0.02%) points higher. Its Asian peers are trading higher. The Nikkei 225 advanced 0.2%, while Hang Seng gained 1.2%.
US Market Update
US markets ended mixed as jobs data boosts hope for Fed pause later this month. Dow Jones gained 0.3% while NASDAQ slipped 0.02%.
Index Action
September Futures @ 19,519📈105 (+0.5%)
OI Contracts: 1,92,038 (-4.8%)
On the back of domestic GDP data and steady global cues, the Nifty50 started the month of September on a positive note. The index built on its flat start and surged nearly one per cent. The rally was broad-based, with most sectoral indices ending in the green. The sharp surge on Friday saw the index close above its 20 DMA and 50 DMA for the first time since early August.
The Nifty50 options expiring on 7 September have significant positions at 19,600 and 19,500 calls and 19,300 and 19,400 puts.
According to options data and OI analysis, the Nifty50 range for the 28th September expiry is between 19,000 and 19,900. On the other hand, 19,300 and 19,700 are this week's immediate support and resistance levels.
September Futures @ 44,630 📈▲340 (+0.7%)
OI Contracts: 1,44,064 (-8.6%)
Bank Nifty moved higher on Friday and ended with more than one per cent gains. The banking index closed above its 20 DMA but trails its 50 DMA, which is near 44,800. The index's breadth was positive, with 11 out of the 12 stocks ending higher.
Starting this week, the weekly index options contracts for Bank Nifty will expire on Wednesday instead of Thursday. There is no change in the expiry of monthly index options contracts, which will expire on the last Thursday of the month.
Punjab National Bank (+3.8%) and IndusInd Bank (+2.7%) were the top gainers among banking index stocks. Federal Bank (-0.1%) was the only laggard.
The Bank Nifty's options expiring on 6 September have significant positions at the 44,500 and 45,000 calls and 44,000 and 43,500 puts.
According to options data and OI analysis, Bank Nifty's range for the 28th September expiry is between 43,400 and 45,800. On the other hand, 44,100 and 45,000 are this week's immediate support and resistance levels.
Nifty Financial Services
September Futures @ 19,857 📈▲111 (+0.5%)
OI Contracts: 1,271 (+3.9%)
The FINNITY, too, ended the day higher, conquering its 20 DMA. The FINNIFTY's options expiring on 5 September have significant positions at the 19,900 and 20,100 calls and 19,600 and 19,500 puts.
According to options data and OI analysis of contracts expiring on 5th September, FINNIFTY's immediate support and resistance levels are at 19,700 and 20,000.
FII and DII Data
In the cash market, the Foreign Institutional Investors (FIIs) bought shares worth ₹487 crore, while the Domestic Institutional Investors (DIIs) bought shares worth ₹2,294 crore. In the derivatives market, FIIs bought index futures worth ₹98 crore and sold index options worth ₹4,225 crore. Further, they bought stock futures worth ₹4,719 crore and sold options worth ₹121 crore.
India VIX
The volatility index declined 5.7% and settled at 11.37.
Stock Action
The long build-up was seen in BHEL, India Cements, Vodafone Idea, ONGC and Birlasoft.
The short build-up was seen in Torrent Pharma, Apollo Tyres, Abbott India, Zydus Lifesciences and Alkem Labs.
Under F&O Ban: Indiabulls Housing Finance.
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