Global Markets Update
The SGX Nifty is trading in the green, up by 52 points. Major Asian markets are trading lower. In Japan, the Nikkei fell 0.2% and Hong Kong’s Hang Seng index dropped 0.1% at 7 am India time.
The US markets had a mixed closing. The Dow Jones rose 0.1%, while the Nasdaq tumbled 2.3%. The selloff in technology stocks deepened as shares of Google parent Alphabet and Meta Platforms slipped in the range of 5 to 7 per cent. European markets closed lower in the range of 0.4% to 1.8%.
Stock Action
Long build-up was seen in GMR Infra, Coromandel, Ashok Leyland, Power Grid and HDFC Life.
Short build-up was seen in Divi’s Labs, Balrampur Chini, NBCC, Muthoot Finance and ONGC.
Major companies announcing results today are Apollo Hospitals, Bata India, BPCL, Coal India, Indigo, NALCO and Torrent Pharma.
F&O stocks in ban
Stocks in ban: Indiabulls Housing Finance
Stocks added:
Stocks out of ban: Delta Corp and GNFC
FII/DII Activity**
In the cash market, FIIs were net sellers of ₹2,393 crore, while DIIs were net buyers of ₹1,948 crore. In the derivatives market, FIIs sold index futures worth ₹643 crore and sold index options worth ₹512 crore. Further, they bought stock futures worth ₹1,778 crore and sold stock options worth ₹50 crore.
Index Action
Nifty50
Amid weak global cues and a sell-off in the IT sector, the Nifty50 gave up early gains and ended in the red. Among the sectoral indices, IT, Pharma and Media were the top losers, while Financial Services and Nifty Bank ended with minor gains. The Nifty50 closed 89 points or 0.5% lower at 16,125.
The India VIX climbed 9.5% to 25.63.
The Nifty50’s options contracts expiring on 26 May have sizable positions at 16,500 and 16,400 call options and 16,000 and 15,800 put options.
As per options data, the broad range for the Nifty50 is between 15,500 and 16,800 levels. Its immediate support is at 15,900 and resistance is at 16,400 levels.
Bank Nifty
The Bank Nifty also faced selling pressure and dipped to 34,100-mark. However, aided by gains in heavyweights like Kotak Mahindra Bank, HDFC Bank and SBI, the Bank Nifty marginally recovered and closed the day 42 points higher at 34,290.
The Bank Nifty’s options contracts expiring on 26 May have sizable positions at 35,000 and 34,500 call options and 34,000 and 33,000 put options.
As per the options data, the broad range for the Bank Nifty is between 33,000 and 35,500 levels. Its immediate support is at 33,800 and resistance is at 34,800 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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