Asian Markets Update @7 am
The SGX Nifty is trading lower by 52 points, signalling a negative start for the Nifty50 today. Major Asian markets are also trading in the red. In Japan, the Nikkei fell 0.8%, while Hong Kong’s Hang Seng index slipped 0.3%.
Global Markets Update
The US markets snapped their three-day winning streak and closed lower on Friday. The Dow Jones fell 0.4%, while the Nasdaq dropped 1.8%. The European markets ended flat to positive in the range of +0.05% to +0.2%.
Stock Action
Long build-up was seen in Chambal Fertilisers, JK Cement, India Cements, Ultratech Cement and Persistent Systems.
Short build-up was Torrent Power, Deepak Nitrite, Mahanagar Gas, Indiamart and Crompton Greaves.
Major Q1 results today: Axis Bank, Canara Bank, IEX, Tata Steel and Tech Mahindra.
Stocks under F&O Ban: Delta Corp, Indiabulls Housing Finance and RBL Bank.
FII/DII Activity**
In the cash market, FIIs were net sellers of ₹675 crore, while DIIs were net buyers of ₹739 crore. In the derivatives market, FIIs bought index futures worth ₹1,181 crore and bought index options worth ₹1,103 crore. Further, they bought stock futures worth ₹1,109 crore and bought stock options worth ₹13 crore.
India VIX
The India VIX, a gauge of the market's volatility in the near term, slipped 1.2% to 16.65.
Index Action
Nifty50
On account of FIIs turning net buyers in the cash market and positive global cues, the Nifty50 index rose for the sixth straight session and closed in the green on Friday. Gains in financials, FMCG and auto stocks pushed the index higher, while IT and pharma stocks witnessed selling pressure. The Nifty50 jumped 114 points and closed Friday's session at 16,719.
The Nifty50’s options contracts expiring on 28 July have sizable positions at 17,000 and 16,800 call options and 16,500 and 16,600 put options.
As per options data, the broad range for the Nifty50 is between 16,000 and 17,200 levels. Its immediate support is at 16,400 and resistance is at 16,850 levels.
Bank Nifty
The Bank Nifty outperformed the Nifty50 index and surged nearly 1.5% on Friday. Among stocks, HDFC Bank(+2.3%) and Axis Bank((+2.1%) were top gainers, while AU Small Finance Bank(-0.7%) and IndusInd Bank(-0.6%) were the top losers. With nine out of 12 index stocks closing in the green, the Bank Nifty index jumped 537 points and closed at 36,738.
The Bank Nifty’s options contracts expiring on 28 July have sizable positions at 37,000 and 37,500 call options and 36,000 and 36,500 put options.
As per the options data, the broad range for the Bank Nifty is between 35,500 and 37,500 levels. Its immediate support is at 36,200 and resistance is at 37,000 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.
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