Asian Markets Update @7 am
The SGX Nifty is trading higher by 108 points, signalling a positive start for the Nifty50 today. Major Asian markets are trading mixed. In Japan, the Nikkei fell 0.2%, while Hong Kong’s Hang Seng index gained 0.1%.
Global Markets Update
Following the US Fed's interest rate hike of 0.75%, Wall Street closed Tuesday's session higher. The Dow Jones rose 1.3%, while the Nasdaq climbed 4.0%. The European markets ended higher in the range of +0.5% to +0.7%.
Stock Action
Long build-up was seen in Gujarat Narmada Valley Fertilizers & Chemicals (GNFC), Coromandel International, Max Financial Services, Whirlpool and SBI.
Short build-up was seen in Oracle Financial Services, M&M Financial, McDowell, Muthoot Finance and Shriram Transport Finance.
Major results today: Bajaj Finserv, Dr.Reddy’s, Jubilant Foodworks, Nestle, PNB, SBI Cards, SBI Life, Shriram Transport Finance, TVS Motor and Vedanta.
Stocks under F&O Ban: Delta Corp and Indiabulls Housing Finance.
FII/DII Activity**
In the cash market, FIIs were net sellers of ₹436 crore, while DIIs were net buyers of ₹712 crore. In the derivatives market, FIIs bought index futures worth ₹1,642 crore and bought index options worth ₹2,118 crore. Further, they bought stock futures worth ₹1,129 crore and bought stock options worth ₹554 crore.
India VIX
The India VIX, a gauge of the market's volatility in the near term, slipped 0.2% to 18.13.
Index Action
Nifty50
The Nifty50 snapped its two-day losing streak and ended nearly 1% higher at 16,641. The markets opened lower but rose steadily and ended near the day's high towards the second half of the session. All the major sectoral indices ended in the green, with Pharma, Media and IT shining the most.
The Nifty50’s options contracts expiring on 28 July have sizable positions at 17,000 and 16,900 call options and 16,500 and 16,400 put options.
As per options data, the broad range for the Nifty50 is between 15,800 and 17,200 levels. Its immediate support is at 16,400 and resistance is at 16,800 levels.
Bank Nifty
The Bank Nifty also started the session on a steady note and ended the day in the green at 36,783, up 1.0%. Barring Kotak Mahindra Bank (-0.4%) and AU Small Finance Bank (-0.09%), all the other ten stocks of the index closed higher.
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 37,800 levels. Its immediate support is at 36,300 and resistance is at 37,200 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.