Global Markets Update
SGX Nifty is trading in the green, up by 27 points. Major Asian markets are trading higher. Japan’s Nikkei jumped 1.6% (7 am), and Hong Kong’s Hang Seng index advanced 0.7%(7 am).
European markets closed mixed in the range of -0.6% to +0.5%. The U.S markets ended lower after Fed Chairman Jerome Powell said that the central bank is open to higher rate hikes to arrest the rising inflation.
Stock Action
Long build-up was seen in Delta Corp, Intellect Design, Balrampur Chini, Cummins and Vedanta.
Short build-up was seen in Petronet LNG, ACC, Dr.Lal Pathlabs, Power Grid and MRF.
F&O stocks in ban
Stocks in ban: Balrampur Chini, Delta Corp and Indiabulls Housing Finance
Stocks added: Balrampur Chini and Delta Corp
Stocks out of ban: -
FII/DII Activity**
In the cash market, FIIs were net sellers of ₹2,962 crore, while DIIs were net buyers of ₹252 crore. In the derivatives market, FIIs sold index futures worth ₹551 crore and bought index options worth ₹5,226 crore. Further, they sold stock futures worth ₹1,233 crore and sold stock options worth ₹97 crore.
Index Action
Nifty50
The Nifty50 ended its two-day winning streak amid a surge in crude oil prices and no respite in the Russia-Ukraine crisis. Losses in financial, FMCG and cement stocks dragged the index lower, while gains in metal stocks lent support. The Nifty50 closed 169 points lower to 17,117.
The India VIX climbed 8.9% to 24.62.
The Nifty50’s monthly options expiring on March 31 have sizable positions at 18,000 and 17,500 call options and 17,000 and 16,000 put options.
The Nifty50’s weekly options expiring on March 24 have sizable positions at 17,500 and 17,300 call options and 17,000 and 16,800 put options.
As per options data, the broad range for the Nifty50 is between 16,200 and 18,000 levels. Its immediate support is at 16,800 and resistance is at 17,500 levels.
Bank Nifty
The Bank Nifty also came under selling pressure and witnessed a sharp decline of 700 points from its opening high of 36,600. With 10 out of 12 stocks closing in red, the Bank Nifty shed more than 1% and closed 410 points lower to 36,018.
The Bank Nifty’s monthly options expiring on March 31 have sizable positions at 38,000 and 37,000 call options and 36,000 and 35,000 put options.
The Bank Nifty’s weekly options expiring on March 24 have sizable positions at 37,000 and 36,500 call options and 36,000 and 35,000 put options.
As per options data, the broad range for the Bank Nifty is between 34,500 and 38,200 levels. Its immediate support is at 35,400 and resistance is at 37,200 levels.