Global Markets Update
The US markets closed higher on Wednesday after the US Fed hiked interest rates by 0.25%. This is the first rate hike in more than three years. The Dow Jones rose 1.5%, while the NASDAQ jumped 3.7%. European markets also closed higher in the range of 1.6% to 3.7%
SGX Nifty is trading in the green, up by 277 points. Major Asian markets are also trading higher. Japan’s Nikkei climbed 3.2%(7 am), and Hong Kong’s Hang Seng index jumped 5.5%(7 am).
Stock Action
Long build-up was seen in Nippon, Bosch, HAL, Whirlpool, Ramco Cements and LTTS.
Short build-up was seen in LTI and Mphasis.
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 buyers of ₹311 crore, while DIIs were net buyers of ₹772 crore. In the derivatives market, FIIs bought index futures worth ₹1,822 crore and bought index options worth ₹4,035 crore. Further, they bought stock futures worth ₹1,314 crore and bought stock options worth ₹105 crore.
Index Action
Nifty50
After a day’s pause, the Nifty50 regained its momentum and came close to the 17,000 mark. It was a broad-based rally with oil prices cooling off below $100 per barrel and FIIs turning buyers after 21 trading sessions. Gains in Metal, Banking and Auto stocks pushed the Nifty50 higher, and it climbed 312 points higher to 16,975.
The India VIX dropped 9.8% to 24.12.
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 17,200 call options and 16,900 and 16,700 put options.
As per options data, the broad range for the Nifty50 is between 16,000 and 17,800 levels. Its immediate support is at 16,700 and resistance is at 17,400 levels.
Bank Nifty
The Bank Nifty surged past the 35,700 mark and ended 2% higher. The private bank index gained 2.4%, and the PSU bank index rose 1.4%. With eleven out of 12 stocks closing in green, the Bank Nifty climbed 725 points to 35,748.
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 35,000 and 35,500 put options.
As per options data, the broad range for the Bank Nifty, is between 34,200 and 37,000 levels. Its immediate support is at 34,800 and resistance is at 36,300 levels.