Global Markets Update
The SGX Nifty is trading in the green, up by 158 points. Major Asian markets are trading higher. The Nikkei rose 2.3% in Japan, while Hong Kong’s Hang Seng index climbed 1.6% at 7 am India time.
The US markets closed on a mixed note. The Dow Jones fell for the sixth straight day and dropped 0.3%. The tech-heavy Nasdaq eked out a small gain and closed 0.06% higher. European markets ended lower in the range of 0.6% to 1.5%.
Stock Action
Long build-up was seen in Ambuja Cements, Gujarat Gas, ACC, Abbott India and Dr. Lal Pathlabs.
Short build-up was seen in Punjab National Bank, L&T Technology Services , Larsen & Toubro, Bharat Forge and Hindalco.
Major companies announcing results today are Alkem Labs, Balkrishna Industries, Bandhan Bank, Bank of Baroda, Eicher Motors and SBI.
F&O stocks in ban
Stocks in ban: Indiabulls Housing Finance and PNB
Stocks added: PNB
Stocks out of ban:
FII/DII Activity**
In the cash market, FIIs were net sellers of ₹5,255 crore, while DIIs were net buyers of ₹4,815 crore. In the derivatives market, FIIs sold index futures worth ₹1,360 crore and bought index options worth ₹9,907 crore. Further, sold stock futures worth ₹1,274 crore and bought stock options worth ₹278 crore.
Index Action
Nifty50
Rising inflation and relentless selling by FIIs weighed the Nifty50 down as it ended lower for the fifth straight session. The headline index has corrected nearly 14% from January's high of 18,350. Yesterday, it slumped more than 2% and closed at 15,808.
The India VIX climbed 6.4% to 24.26.
The Nifty50’s options contracts expiring on 26 May have sizable positions at 17,000 and 16,000 call options and 15,000 and 15,500 put options.
The Nifty50’s options contracts expiring on 19 May have sizable positions at 16,000 and 16,200 call options and 15,800 and 15,500 put options.
As per options data, the broad range for the Nifty50 is between 15,100 and 16,800 levels. Its immediate support is at 15,500 and resistance is at 16,200 levels.
Bank Nifty
The Bank Nifty breached the 33,300-mark and was the worst performer among the sub-indexes yesterday. The PSU bank index fell over 5%, while the private bank index shed 3.5%. The Punjab National Bank was the top loser among stocks as it shed over 13%, followed by IndusInd Bank. The Bank Nifty plummeted 1,161 points to 33,532.
The Bank Nifty’s options contracts expiring on 26 May have sizable positions at 36,000 and 34,000 call options and 33,000 and 32,000 put options.
The Bank Nifty’s options contracts expiring on 19 May have sizable positions at 35,000 and 34,000 call options and 32,500 and 33,000 put options.
As per the options data, the broad range for the Bank Nifty is between 32,200 and 34,800 levels. Its immediate support is at 33,000 and resistance is at 34,200 levels.
*In Futures and Options or F&O, long build-up means an increase in Open Interest (OI) along 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.