Global Markets Update
SGX Nifty is trading up by 90 points at 17,947. Major Asian markets are trading in the green today with Hang Seng up by 0.5% and Nikkei up by 0.3%.
On Friday, major European indices closed in the red by 0.5% to 1%. The US markets were flat, with DOW Jones closing up by 33 points and Nasdaq closing down by 4 points.
Index Action
Nifty50
Nifty50 had a strong run-up last week with the index touching all-time high of 17,947 and closed at 17,819. It’s counterpart, the BSE Sensex, scaled a historic milestone of 60,000.
Monthly call options suggest a high base at 18,500 and 18,000 strikes and the put options have a significant base at 17,700 and 17,500 while the 17,000 strike continues to hold the highest base.
Open interest data suggests a broad range for Nifty50 at 17,500 and 18,500 and the PCR-OI data shows immediate support and resistance at 17,700 and 18,200 respectively.
This is the expiry week for the September series.
Bank Nifty
Bank Nifty strong run last week. On Friday it closed 58 points at 37,830.
Monthly options data shows the highest call options base at 38,000 and the second highest base at 39,000. For put options, the highest base is still at 37,000 followed by 37,500.
A broad range for Bank Nifty, as suggested by the open interest data, is at 37,000 and 39,000 while the PCR-OI data indicates immediate support and resistance at 37,400 and 38,200 respectively.
Stock Action:*
Long Build-up was seen in stocks like Astral, Coromandel, L&T Infotech, Mindtree and Bharti Airtel
Short Build-up was seen in stocks like Metropolis, Sun TV, Dr.Lal Pathlabs, Tata Consumer and Apollo Hospital.
F&O Stocks in Ban:
Stocks in Ban: Canara Bank, Escorts, Indiabulls Hsg., Idea, IRCTC, PNB, Sail and Zee TV
Stocks added: Sail and Zee TV
Stocks out of ban: -
FII/DII Activity:**
In the cash market, FIIs were net buyers for ₹442 crores while DIIs were net sellers for ₹515 crores. In the Derivatives market, FIIs sold index futures worth ₹315 crores while they sold Index options worth ₹375 crores. For stocks, they sold stock futures worth ₹759 crores and sold stock options worth ₹57 crores
*In futures and options (F&O), long build-up means increase in open interest (OI) along with an increase in price and short build-up means decrease in OI along with a decrease in price.
**Source: nseindia.com. Cash market figures are provisional.
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