Global Markets Update
The SGX Nifty is trading in the red, down by 75 points. Major Asian markets are trading lower. In Japan, the Nikkei fell 2.1% and Hong Kong’s Hang Seng index slipped 1.6% at 7 am India time.
The US market sell-off deepened ahead of the Fed’s two-day policy meeting, which ends on Wednesday. The Dow Jones fell 2.7%, while the Nasdaq slipped 4.6%. European markets ended lower in the range of 1.5% to 2.6%.
Stock Action
Long build-up was seen in Honeywell Automation, Siemens, ABB, Pidilite and PI Industries.
Short build-up was seen in RBL Bank, Bharat Forge, Ramco Cements, Crompton and IndusInd Bank.
F&O stocks in ban
Stocks in ban: Delta Corp and RBL Bank
Stocks added: RBL Bank
Stocks out of ban:
FII/DII Activity**
In the cash market, FIIs were net sellers of ₹4,164 crore, while DIIs were net buyers of ₹2,814 crore. In the derivatives market, FIIs sold index futures worth ₹1,799 crore and sold index options worth ₹834 crore. Further, they sold stock futures worth ₹1,796 crore and sold stock options worth ₹18 crore.
Index Action
Nifty50
Amid rising inflation concerns, the weakening rupee and relentless selling by FIIs, the Nifty50 index plunged 2.6% and closed below the 15,800-mark. All the sectors came under selling pressure, with IT and Metal taking the biggest hit. The Nifty50 dropped 427 points and closed the day at 15,774.
The India VIX climbed 14.3% to 22.36.
The Nifty50’s options contracts expiring on 30 June are scattered and have sizable positions at 17,000 and 16,500 call options and 16,000 and 15,500 put options.
The Nifty50’s options contracts expiring on 16 June have sizable positions at 16,000 and 15,800 call options and 15,500 and 15,800 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 16,100 levels.
Bank Nifty
The Bank Nifty plummeted more than 3% and closed near the 33,400-mark. Both Private bank and PSU bank indexes declined 3.6%, and all twelve stocks of Bank Nifty ended in the red. The Bank Nifty fell 1,077 points to 33,405.
The Bank Nifty’s options contracts expiring on 30 June are scattered and have sizable positions at 35,000 and 36,000 call options and 33,000 and 32,000 put options.
The Bank Nifty’s options contracts expiring on 16 June have sizable positions at 35,000 and 34,500 call options and 33,000 and 33,500 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.
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