Global Markets Update
The global markets are trading higher after the U.S Fed signalled openness to hike interest rates this year aggressively. SGX Nifty is trading in the green, up by 49 points. Major Asian markets are trading higher. Japan’s Nikkei climbed 2.5%(7 am), and Hong Kong’s Hang Seng index jumped 0.5%(7 am).
European markets closed higher in the range of 0.4% to 1.1%. US markets closed the volatile session higher. The Dow Jones rose 0.7%, while the NASDAQ jumped 1.9%.
Stock Action
Long build-up: Birlasoft, Intellect Design, ITC, LIC Housing Finance and Rain Industries.
Short build-up: JK Cement, IDFC First Bank, Sun TV, HUL and Britannia.
F&O stocks in ban
Stocks in ban: Balrampur Chini, Delta Corp, GNFC, Indiabulls Housing Finance and Sun TV
Stocks out of ban: -
FII/DII Activity**
In the cash market, FIIs were net buyers of ₹384 crore, while DIIs were net sellers of ₹602 crore. In the derivatives market, FIIs bought index futures worth ₹901 crore and bought index options worth ₹1,116 crore. Further, they sold stock futures worth ₹1,152 crore and bought stock options worth ₹73 crore.
Index Action
Nifty50
Amid positive global cues and FIIs turning buyers, the Nifty50 rebounded sharply and closed above the 17,300 mark. Gains in IT, oil & gas and banking stocks helped the index turn the tide, while FMCG and pharma stocks faced selling pressure. The Nifty50 rose 197 to close at 17,315.
The India VIX dropped 2.2% to 24.07.
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 17,600 call options and 17,000 and 17,100 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 16,900 and resistance is at 17,600 levels.
Bank Nifty
The Bank Nifty jumped sharply and closed above the 36,300 mark. Its breadth turned positive, and 10 out of its 12 stocks closed higher. The Bank Nifty surged 330 points to close at 36,348.
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 35,500 put options.
As per the options data, the broad range for the Bank Nifty is between 34,600 and 38,100 levels. Its immediate support is at 35,400 and resistance is at 37,200 levels.
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