Global Markets Update
The SGX Nifty is trading in the red, down by 304 points. Major Asian markets are trading lower. In Japan, the Nikkei fell 2.5% and Hong Kong’s Hang Seng index dropped 2.6% at 7 am India time.
The US markets fell sharply after disappointing earnings from big retailers like Target Corp and Walmart. The Dow Jones saw its biggest single-day loss since 2020 and dropped 3.5% on Wednesday, while the Nasdaq fell 4.7%. European markets closed lower in the range of 1% to 2.3%.
Stock Action
Long build-up was seen in ITC, Indigo, ABFRL, HUL and Granules.
Short build-up was seen in Dr. Lal Pathlabs, Metropolis, Delta Corp, HPCL and Bharti Airtel.
Major companies announcing results today are Ashok Leyland, Chambal Fertilisers, ConCor, Dr.Reddy’s, Godrej Consumer and HPCL.
F&O stocks in ban
Stocks in ban: Delta Corp, GNFC, Indiabulls Housing Finance and PNB
Stocks added: Delta Corp
Stocks out of ban:
FII/DII Activity**
In the cash market, FIIs were net sellers of ₹1,254 crore, while DIIs were net buyers of ₹375 crore. In the derivatives market, FIIs bought index futures worth ₹62 crore and bought index options worth ₹771 crore. Further, they bought stock futures worth ₹924 crore and sold stock options worth ₹20 crore.
Index Action
Nifty50
After two days of rally, the Nifty50 erased all its early gains and ended the volatile session marginally lower on Wednesday. Sectorally, FMCG and pharma stocks posted gains, while realty, IT and banks came under selling pressure. The Nifty50 declined 19 points to close at 16,240.
The India VIX dropped 1.9% to 22.29.
The Nifty50’s options contracts expiring on 26 May 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 19 May have sizable positions at 16,300 and 16,500 call options and 16,000 and 16,200 put options.
As per options data, the broad range for the Nifty50 is between 15,300 and 16,800 levels. Its immediate support is at 16,000 and resistance is at 16,500 levels.
Bank Nifty
After starting the day on a strong note, the Bank Nifty climbed to mark the day's high in the morning session. However, it faced stiff resistance near the 34,650-mark and pared all its initial gains. The Bank Nifty ended the day 138 points lower at 34,163.
The Bank Nifty’s options contracts expiring on 26 May have sizable positions at 36,000 and 35,000 call options and 33,000 and 34,000 put options.
The Bank Nifty’s options contracts expiring on 19 May have sizable positions at 34,500 and 35,000 call options and 34,000 and 33,000 put options.
As per the options data, the broad range for the Bank Nifty is between 32,800 and 35,500 levels. Its immediate support is at 33,700 and resistance is at 34,800 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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