Global Markets Update
Bargain hunting by investors helped major global markets rebound after yesterday’s sell-off. SGX Nifty is trading in the green, up by 338 points. Major Asian markets are trading higher, Japan’s Nikkei is up 1.5%(7 am), and Hong Kong’s Hang Seng index added 0.5%(7 am).
The European markets closed lower by nearly 4%, while U.S. markets staged a comeback from steep declines and closed higher on bargain hunting. The Dow Jones closed 0.28% higher, and NASDAQ rose 3.3%.
Stock Action
Long build-up: -
Short build-up was seen in Indus Towers, Escorts, SBI Life, Asian Paints and Bandhan Bank.
F&O stocks in ban
Stocks in ban:
Stocks added:
Stocks out of ban: Indiabulls Housing Finance, Vodafone Idea and PNB
FII/DII Activity**
In the cash market, FIIs were net sellers of ₹6,448 crore while DIIs were net buyers of ₹7,667 crore. In the derivatives market, FIIs sold index futures worth ₹3,451 crore and bought index options worth ₹9,578 crore. Further, they bought stock futures worth ₹3,552 crore and bought stock options worth ₹366 crore.
Index Action
Nifty50
The Nifty50 extended the losses to the seventh consecutive day after Russia announced the military operation in Ukraine. The fall in Nifty50 was the most significant percentage decline since the pandemic. All sectors were deep in red, with PSU Bank and Realty being the worst hit. The Nifty50 closed 815 points lower at 16,247.
The India VIX soared 30.3% to 31.98.
The Nifty50’s monthly options expiring on March 31 are scattered and have sizable positions at 17,000 and 18,000 call options and 16,000 and 15,500 put options.
The Nifty50’s weekly expiring on March 3 have sizable positions at 17,000 and 16,500 call options and 16,000 and 15,500 put options.
As per options data, the broad range for the Nifty50 is between 15,100 and 17,300 levels. Its immediate support is at 15,700 and resistance is at 16,800 levels.
Bank Nifty
The Bank Nifty went into a tailspin and slipped below the 35,000 mark. The PSU Banks and private banks indices closed with massive cuts. The Bank Nifty dropped 2,163 points to 35,228.
The Bank Nifty’s monthly options expiring on March 31 are scattered and have sizable positions at 38,000 and 37,000 call options and 34,000 and 33,000 put options.
The Bank Nifty50’s weekly options expiring on March 3 have sizable positions at 36,000 and 37,000 call options and 35,000 and 33,000 put options.
As per options data, the broad range for the Bank Nifty is between 33,400 and 37,300 levels. Its immediate support is at 34,300 and resistance is at 36,400 levels.