Asian Markets Update 7 am
Indian equities may start the day flat to positive, as indicated by the GIFT Nifty. The futures contract on the NSE International Exchange (NSE IX) is trading 20 (+0.1%) points higher. Its Asian peers are trading lower. The Nikkei 225 fell 1.1% while Hang Seng is shut on account of public holiday.
US Market Update
US markets ended mixed fueled by concerns of higher for longer interest rates.Dow Jones advanced 0.1% while NASDAQ fell 0.8%.
Index Action
September Futures @ 19,767 📈▲109 (+0.5%)
OI Contracts: 2,02,508 (+5.4%)
On the day of weekly derivatives contract expiry, the Nifty rose steadily and closed near the high point of the day. Rising for the fifth consecutive session, the index closed above the 19,700 mark for the first time since early August. There is a slight negative RSI divergence witnessed on the Nifty September Futures hourly charts. But the confirmations are awaited.
The Nifty50 options expiring on 14 September have significant positions at 20,000 and 19,800 calls and 19,600 and 19,500 puts.
According to options data and OI analysis, the Nifty50's range for the 28th September expiry is between 19,300 and 20,400 levels. On the other hand, 19,500 and 20,000 are the immediate support and resistance levels for this week.
September Futures @ 45,053 📈▲409 (+0.9%)
OI Contracts: 1,34,826 (-2.5%)
Bank Nifty gained over one percent and settled above some key hurdles. The banking index closed above its 20 DMA and 50 DMA and also above the near term downward sloping trendline. The breadth of the index was also strong with 11 out of the 12 stocks ending in green.
Among banking index stocks, IndusInd Bank (+2.2%) and Bandhan Bank (+1.9%) were the top gainers. IDFC First Bank (-1.8%) was the laggard.
The Bank Nifty's options expiring on 13 September have significant positions at the 45,000 and 45,500 calls and 44,500 and 44,400 puts.
According to options data and OI analysis, Bank Nifty's range for the 28th September expiry is between 43,800 and 46,000. On the other hand, 44,400 and 45,300 are the immediate support and resistance levels for this week.
Nifty Financial Services
September Futures @ 20,036 📈▲142 (+0.7%)
OI Contracts: 1,685 (-2.9%)
The FINNITY ended the day higher; up by over 1%. The FINNIFTY’s options expiring on 12 September have significant positions at the 20,000 and 20,100 calls and 19,800 and 19,700 puts.
According to options data and OI analysis of contracts expiring on 12th September, FINNIFTY’s immediate support and resistance levels are at 19,800 and 20,200.
FII and DII Data
In the cash market, the Foreign Institutional Investors (FIIs) sold shares worth ₹758 crore, while the Domestic Institutional Investors (DIIs) bought shares worth ₹28 crore. In the derivatives market, FIIs bought index futures worth ₹1,366 crore and sold index options worth ₹18,190 crore. Further, they bought stock futures worth ₹2,540 crore and sold options worth ₹187 crore.
India VIX
The volatility index advanced 1.7% and settled at 10.87.
Stock Action
Long build-up was seen in Larsen & Toubro, Granules, NTPC, Bata India and Coal India.
Short build-up was seen in Birlasoft, Ramco Cements, Britannia, CONCOR and JK Cement.
Under F&O Ban: Balrampur Chini, BHEL, Delta Corp, Hindustan Copper, Indiabulls Housing Finance, India Cements, Manappuram, Punjab National Bank and SAIL.
*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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