Asian Markets Update @7 am
The SGX Nifty is trading lower by 10 points, signalling a flat start for the Nifty50 today. Major Asian markets are trading mixed. In Japan, the Nikkei rose 0.1%, while Hong Kong’s Hang Seng index slipped 0.7%.
Global Markets Update
The US markets ended the volatile session mixed. The Dow Jones fell for the fifth straight day and ended 0.4% lower, while the Nasdaq ended flat with a positive bias, up 0.03%. The European markets closed lower in the range of -1.4% to -1.8%.
Stock Action
Long build-up was seen in Crompton Greaves, BHEL, Glenmark Pharma, Bharat Electronics and Dr. Reddy’s Laboratories.
Short build-up was seen in Coforge, Syngene International, Birlasoft, Bharat Petroleum and Larsen & Toubro Infotech.
FII/DII Activity**
In the cash market, FIIs were net buyers of ₹309 crore, while DIIs were net sellers of ₹556 crore. In the derivatives market, FIIs sold index futures worth ₹601 crore and bought index options worth ₹7,037 crore. Further, they sold stock futures worth ₹473 crore and sold stock options worth ₹75 crore.
Index Action
Nifty50
The Nifty50 slipped from opening highs and settled lower for the fourth consecutive day. After trading in the green in the morning session, the index plunged 200 points from its intraday high amid a sell-off in IT and PSU bank stocks. The Nifty50 ended the day 28 points lower at 15,938.
The India VIX, a gauge of the market's volatility in the near term, slipped 0.9% to 18.34.
The Nifty50’s options contracts expiring on 28 July have sizable positions at 16,000 and 17,000 call options and 15,000 and 15,500 put options.
The Nifty50’s options contracts expiring on 21 July have sizable positions at 16,000 and 16,100 call options and 16,000 and 15,900 put options.
As per options data, the broad range for the Nifty50 is between 15,200 and 16,700 levels. Its immediate support is at 15,700 and resistance is at 16,200 levels.
Bank Nifty
The Bank Nifty started the session on a strong note and crossed the 35,000-mark. However, the selling pressure at higher levels dragged the index down. The PSU bank came under selling pressure and declined 2.2%, while the Private Bank Index fell 0.3%. The Bank Nifty lost 176 points and closed at 34,651.
The Bank Nifty’s options contracts expiring on 28 July are scattered and have sizable positions at 36,000 and 35,000 call options and 34,000 and 33,500 put options.
The Bank Nifty’s options contracts expiring on 21 July have sizable positions at 35,000 and 35,500 call options and 34,000 and 34,500 put options.
As per the options data, the broad range for the Bank Nifty is between 33,800 and 36,000 levels. Its immediate support is at 34,200 and resistance is at 35,300 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.
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