Global Markets Update
SGX Nifty is trading marginally higher, up by 11 points. Major Asian markets are trading in the red with Nikkei trading lower by nearly 0.8% and Hang Seng trading lower by 0.7%.
European markets closed near their day’s low in the range of -3.6% to -4.7%, US markets also closed in the red. Dow Jones closed lower by 2.5%, and NASDAQ closed lower by 2.2%.
Stock Action
Long build-up was seen in stocks like Indiabulls Housing Finance, Pfizer, Cadila Healthcare, Cipla and Strides Pharma.
Short build-up was seen in stocks like Bandhan Bank, Ambuja Cements, Tata Power, Hindalco and Indigo.
F&O stocks in ban
Stocks in ban: Indiabulls Housing Finance
Stocks added: Indiabulls Housing Finance
Stocks out of ban: -
FII/DII Activity**
In the cash market, FIIs were net sellers to the tune of ₹5,785 crore, while DIIs were net buyers of ₹2,294 crore. In the derivatives market, FIIs sold index futures worth ₹3,271 crore and index options worth ₹1,256 crore. Further, they bought futures worth ₹529crore and sold stock options worth ₹772 crore.
Index Action
Nifty50
Due to concerns over the new coronavirus variant and weak global cues, Nifty50 corrected over 4% last week. On Friday, it fell 2.9% and closed 509 points lower at 17,026.
India VIX shot up to 20.8 suggesting high volatility in the days ahead.
Nifty50 monthly options expiring on December 30 are still scattered and have sizable positions at 18,000 and 19,000 call options and 17,000 and 16,000 put options.
Nifty50 weekly options expiring on December 2 have sizable positions at 17,500 and 17,300 call options and 17,000 and 16,500 put options. Further additions were seen at 17,200 call options and 17,000 put options.
Options data suggests a broad range for Nifty50 between 16,000 and 18,200 levels. It has immediate support at 16,700 and resistance at 17,600 levels.
Bank Nifty
Bank Nifty corrected over 5% last week. On Friday, it dropped 3.6% and closed 1,339 points lower at 36,025.
Bank Nifty monthly options expiring on December 30 are still scattered and have sizable positions at 38,000 and 37,500 call options and 36,000 and 35,000 put options.
Bank Nifty weekly options expiring on December 2 have sizable positions at 37,000 and 37,500 call options and 36,000 and 35,000 put options. Further additions were seen at 36,500 call options and 35,500 put options.
Options data suggests a range for Bank Nifty between 34,800 and 38,200. It has immediate support at 35,300 and resistance at 36,800 levels.
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*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.