Asian Markets Update @ 7:30 am
The SGX Nifty was trading lower by 66 points at 7:30 am, signalling a negative start for the Nifty50 today. Major Asian markets were also trading in the red. Nikkei 225 in Japan dropped 0.2%, while Hong Kong’s Hang Seng index slipped 1.8%.
Global Markets Update
U.S stocks fell in a volatile trading session after the Federal Reserve raised the interest rate by 0.50% to 4.50%. The US Fed projects that rate could hit 5.1% by 2023-end. This is higher than the previous estimate of 4.6%.
The Dow Jones declined 0.4% to 33,966, while the S&P 500 fell 0.6% to finish at 3,995. The tech-focused Nasdaq dropped 0.7% and closed the session at 11,170.
Index Action
Nifty50 @ 18,660 📈▲ 52 (+0.2%)
The Nifty50 index extended its upward journey and closed the range bound day higher. However, the index faced selling pressure at higher levels and failed to cross the 18,700-mark.
Nifty50’s options contracts expiring on 29 December have sizable positions at 19,000 and 20,000 call options and 18,000 and 18,500 put options.
Nifty50’s options contracts expiring on 15 December have sizable positions at 18,700 and 18,800 call options and 18,500 and 18,600 put options.
As per options data and OI analysis, the broad range for the Nifty50 is between 18,000 and 19,200 levels. On the other hand, 18,500 and 18,800 are the critical levels to watch for the current week.
Bank Nifty @ 44,049 📈▲ 102 (+0.2%)
The Bank Nifty index hit a record high and crossed the 44,000-mark for the first time. The banking stocks continued its outperformance and the index closed higher for the fifth day in a row.
Among banking stocks, IDFC First Bank (+4.2%) and IndusInd Bank (+1.4%) advanced the most, while ICICI Bank (-1.2%) and Punjab National Bank (-1.0%) were the laggards.
Bank Nifty’s options contracts expiring on 29 December have sizable positions at 44,000 and 45,000 call options and 43,000 and 44,000 put options.
Bank Nifty’s options contracts expiring on 15 December have sizable positions at 44,000 and 44,100 call options and 43,500 and 44,000 put options.
As per options data and OI analysis, the broad range for the Bank Nifty is between 43,000 and 44,600 levels. On the other hand 43,700 and 44,300 are the critical levels to watch for the current week.
FII and DII Data**💰
In the cash market, both FIIs and DIIs turned net buyers worth ₹372 crore and ₹926 crore. In the derivatives market, FIIs sold index futures worth ₹635 and sold index options worth ₹4,242 crore. Further, they bought stock futures worth ₹559 crore and sold stock options worth ₹163 crore.
India VIX
The India VIX, which measures the implied volatility of Nifty50 options climbed 0.08% to 12.89.
Stock Action📊
Long build-up was seen in Indiabulls Housing Finance, Havells, City Union Bank, Persistent Systems and Vodafone Idea.
Short build-up was seen in Colgate-Palmolive, Page Industries, Bharti Airtel, Escorts Kubota and PVR.
Under F&O Ban: BHEL, Delta Corp, GNFC and Indiabulls Housing Finance.
*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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