Asian Markets Update @ 7:00 am
The SGX Nifty was trading higher by 65 points at 7 am, indicating a positive start for the Nifty50 today. Major Asian markets were also trading in the green. Hong Kong’s Hang Seng index climbed 0.4%, while Nikkei 225 in Japan is closed on account of a public holiday.
Global Markets Update
U.S. stocks closed sharply higher on Tuesday as investors awaited the release of the U.S. Fed's November meeting minutes for further clues into the pace of future interest rate hikes.
The Dow Jones closed 1.1% higher at 34,098, while the S&P 500 advanced 1.3% to close at 4,003. The tech-heavy Nasdaq Composite also gained 1.3% and closed Tuesday's session at 11,174. The European markets also closed yesterday's session on a positive note and advanced in the range of 0.2% to 1%.
Index Action
Nifty50 @ 18,244 📈▲ 84 (+0.4%)
In a sharp rebound, the Nifty50 index snapped its three-day losing streak and gained nearly half a percent. Except for Realty (-1.2%), all the sectors closed in the green. PSU Banks (+1.6%) and Metals (+0.8%) advanced the most, and a fag-end recovery in IT (+0.8%) stocks pushed the index higher.
Nifty50’s options contracts expiring on 24 November have sizable positions at 18,400 and 18,300 call options and 18,000 and 18,200 put options.
As per options data and OI analysis, the broad range for the Nifty50 is between 17,800 and 18,700 levels. On the other hand, 18,000 and 18,400 are the critical levels to watch for the current week.
Bank Nifty @ 42,457 📈▲ 110 (+0.2%)
The Bank Nifty traded in a narrow range of 161 points and closed Tuesday's session higher with minor gains. Among banking stocks, Bank of Baroda (+3.0%) and IndusInd Bank (+2.6%) advanced the most, while Federal Bank (-0.7%) and Kotak Mahindra Bank (-0.2%) witnessed selling pressure.
Bank Nifty’s options contracts expiring on 24 November have sizable positions at 42,500 and 43,000 call options and 42,000 and 42,500 put options.
As per options data and OI analysis, the broad range for the Bank Nifty is between 41,500 and 43,000 levels. On the other hand 42,000 and 42,700 are the critical levels to watch for the current week.
FII and DII Data**💰
In the cash market, FIIs sold shares worth ₹697 crore, while DIIs bought shares worth ₹636 crore. In the derivatives market, FIIs bought index futures worth ₹1,521 crore and sold index options worth ₹2,586 crore. Further, they bought stock futures worth ₹948 and sold stock options worth ₹180 crore.
India VIX
The India VIX, which measures the implied volatility of Nifty50 options crashed 6.4% to 13.84.
Stock Action📊
Long build-up was seen in Bank of Baroda, Delta Corp, HDFC AMC, Hindustan Aeronautics and Canara Bank.
Short build-up was seen in Max Financial Services, Indian Energy Exchange, DLF, RBL Bank and Hindustan Petroleum.
*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.