Global Markets Update
SGX Nifty is trading in the green, up by 257 points. Major Asian markets are trading higher. Japan’s Nikkei climbed 1.2%(7 am) and Hong Kong’s Hang Seng index jumped 2.8%(7 am).
European markets closed lower in the range of -0.2% to -0.1%. The US markets soared as investors bought into the Tech stocks ahead of the US Fed's scheduled policy review later today. The Dow Jones rose 1.8%, while NASDAQ jumped 2.9%.
Stock Action
Long build-up was seen in Indiabulls Housing Finance, Cipla, Torrent Pharma, Cholamandalam Investments and AB Capital.
Short build-up was seen in Oberoi Realty, GAIL, Kotak Mahindra Bank, Mindtree and Power Finance Corp.
F&O stocks in ban
Stocks in ban: Balrampur Chini
Stocks added:
Stocks out of ban: -
FII/DII Activity**
In the cash market, FIIs were net sellers of ₹1,249 crore, while DIIs were net buyers of ₹98 crore. In the derivatives market, FIIs sold index futures worth ₹1,229 crore and sold index options worth ₹776 crore. Further, they sold stock futures worth ₹1,063 crore and sold stock options worth ₹176 crore.
Index Action
Nifty50
The Nifty50 snapped its five-day rally ahead of the US Fed's FOMC meeting concluding later today. Towards the last hour of the trade, the markets witnessed heavy selling pressure, with Metal, Oil & Gas and IT stocks leading the fall. The Nifty50 slumped 208 points to 16,663.
The India VIX climbed 4% to 26.73.
The Nifty50’s monthly options expiring on March 31 have sizable positions at 18,000 and 17,000 call options and 16,000 and 16,500 put options.
The Nifty50’s weekly options expiring on March 17 have sizable positions at 17,000 and 16,900 call options and 16,500 and 16,600 put options.
As per options data, the broad range for the Nifty50 is between 15,900 and 17,800 levels. Its immediate support is at 16,400 and resistance is at 17,100 levels.
Bank Nifty
The Bank Nifty dropped over 900 points from the day's high to 34,700 levels. However, it partially recovered and managed to close above the 35,000 mark towards the end. With eight out of 12 stocks ending lower, the Bank Nifty dropped 289 points to 35,022.
The Bank Nifty’s monthly options expiring on March 31 have sizable positions at 36,000 and 37,000 call options and 34,000 and 35,000 put options.
The Bank Nifty’s weekly options expiring on March 17 have sizable positions at 36,000 and 36,500 call options and 34,000 and 35,000 put options.
As per options data, the broad range for the Bank Nifty is between 33,300 and 36,800 levels. Its immediate support is at 34,200 and resistance is at 35,900 levels.