Asian Markets Update @7 am 🕖
SGX Nifty is trading lower by 20 points, signalling a negative start for the Nifty50 today. Major Asian markets are also trading lower. In Japan, the Nikkei dropped 0.2%, while Hong Kong’s Hang Seng index slipped 0.1%.
Global Markets Update
U.S markets closed Tuesday’s session lower ahead of the U.S Federal Reserve gathering later this week in Jackson Hole, Wyoming. The Dow Jones fell 0.4%, while the tech-focused Nasdaq slipped 0.02%. European markets ended lower in the range of -0.2% to -0.6%.
Index Action
Nifty50 @ 17,577 📈▲ 86 (+0.5%)
After two days of fall, the Nifty50 rebounded from 17,350 levels and closed Tuesday's volatile session in the green. Except for IT (-1.7%), all the major sectoral indices closed in the green, with PSU Bank (+2.3%) and Auto (+1.8%) being the top gainers.
The Nifty50’s options contracts expiring on 25 August have sizable positions at 18,000 and 17,600 call options and 17,500 and 17,400 put options.
As per options data, the broad range for the Nifty50 is between 16,800 and 18,200 levels. Its immediate support is at 17,400 and resistance is at 17,800 levels.
Bank Nifty @38,697 📈▲ 399 (+1.0%)
Bank Nifty also faced selling pressure and opened below the 38,000 mark. However, the index recovered all its losses and rallied nearly 400 points to close at 38,697. Except for HDFC Bank (-0.3%), all the other eleven stocks of the index ended in the green, with IDFC First Bank (+5.5%) and Bank of Baroda (+4.4%) being the top gainers.
The Bank Nifty’s options contracts expiring on 25 August have sizable positions at 40,000 and 39,500 call options and 38,500 and 38,000 put options.
As per the options data, the broad range for the Bank Nifty is between 37,200 and 39,800 levels. Its immediate support is at 37,900 and resistance is at 39,100 levels.
FII and DII Data**
In the cash market, FIIs were net buyers of ₹563 crore, while DIIs were net sellers of ₹215 crore. In the derivatives market, FIIs sold index futures worth ₹110 crore and bought index options worth ₹6,068 crore. Further, they bought stock futures worth ₹367 crore and bought options worth ₹184 crore.
India VIX
The India VIX, a gauge of the market's volatility in the near term, climbed 0.06% to 19.05.
Stock Action📊
Long build-up was seen in Atul Ltd, Delta Corp, Bharat Electronics, India Cements and NTPC.
Short build-up was seen in United Breweries, Max Financial Services, Divi’s Lab, Mphasis and TCS.
*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.