Global Markets Update
SGX Nifty is trading lower, down by 193 points. Following a sell-off on Wall Street on Friday, major Asian markets started Monday’s session lower. Japan’s Nikkei is down 1.7%(7 am), and Hong Kong’s Hang Seng index declined 2.5%(7 am).
The U.S. markets ended sharply lower after the Fed Chairman said that the 50 basis points hike in interest rates is on the table in May. The Dow Jones dropped 2.8%, and the Nasdaq fell 2.5%. European markets ended lower in the range of -2.4% to -1.4%.
Stock Action
Long build-up was seen in United Breweries Limited, ABB, Mahindra & Mahindra, Adani Ports and Maruti Suzuki.
Short build-up was seen in Polycab, Hindalco, Aarti Industries, L&T Technology Services and Hindustan Unilever.
F&O stocks in ban
Stocks in ban:
Stocks added:
Stocks out of ban:
FII/DII Activity**
In the cash market, FIIs were net sellers of ₹2,461 crore, while DIIs were net buyers of ₹1,602 crore. In the derivatives market, FIIs sold index futures worth ₹941 crore and bought index options worth ₹1,800 crore. Further, they sold stock futures worth ₹1,185 crore and bought stock options worth ₹129 crore.
Index Action
Nifty50
On Friday, the Nifty50 Index opened lower and tried to recover some of its losses in the morning trade. However, the sharp sell-off during the last hour of trade thwarted the intraday recovery of the index, and it slipped below 17,200. Dragged by metal and banking stocks, the Nifty50 closed the day 220 points lower to 17,171.
The India VIX climbed 2.8% to 18.35.
The Nifty50’s monthly options expiring on April 28 have sizable positions at 17,500 and 17,400 call options and 17,000 and 17,200 put options.
As per options data, the broad range for the Nifty50 is between 16,300 and 18,200 levels. Its immediate support is at 16,800 and resistance is at 17,600 levels.
Bank Nifty
The Bank Nifty Index came under heavy selling pressure on Friday and dipped below the 36,000 mark. With SBI, IndusInd Bank and AU Small Finance Bank dropping more than 3%, the Bank Nifty Index plummeted 771 points to 36,044.
The Bank Nifty’s monthly options expiring on April 28 have sizable positions at 36,500 and 37,000 call options and 36,000 and 35,000 put options.
As per the options data, the broad range for the Bank Nifty is between 35,100 and 37,700 levels. Its immediate support is at 35,700 and resistance is at 36,900 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.