Global Markets Update
The SGX Nifty is trading lower by 43 points, signalling a negative start for the Nifty50 on Thursday. Major Asian markets are also trading lower. In Japan, the Nikkei fell 0.8%, and Hong Kong’s Hang Seng index slipped 0.1% at 7 am India time.
The US markets closed the choppy session on a mixed note. The Dow Jones added 0.2%, while the Nasdaq slipped 0.03%. The European markets ended lower in the range of -0.1% to -1.7%.
Stock Action
Long build-up was seen in ONGC, Coromandel International, Abbott India, India Cements and ITC.
Short build-up was seen in AU Small Finance Bank, IEX, Kotak Mahindra Bank, Max Financial Services and HDFC Life.
F&O stocks in ban
Stocks in ban: Sun TV
Stock out of ban: Delta Corp
FII/DII Activity**
In the cash market, FIIs were net sellers of ₹851 crore, while DIIs were net buyers of ₹847 crore. In the derivatives market, FIIs sold index futures worth ₹2,413 crore and bought index options worth ₹1,503 crore. Further, they bought stock futures worth ₹13 crore and bought stock options worth ₹75 crore.
Index Action
Nifty50
Amid weak global cues and a depreciating Rupee, the Nifty50 halted a four-day winning streak and closed 0.3% lower. Among sectors, IT, FMCG and Banking dragged the index lower, while Oil & Gas and Metal provided support. The Nifty50 fell 51 points to 15,799.
The India VIX climbed 2.1% to 21.90.
The Nifty50’s options contracts expiring on 30 June have sizable positions at 16,000 and 15,800 call options and 15,700 and 15,600 put options.
As per options data, the broad range for the Nifty50 is between 14,900 and 16,600 levels. Its immediate support is at 15,600 and resistance is at 16,000 levels.
Bank Nifty
The Bank Nifty remained under pressure versus the Nifty50 and closed the session 1% lower. Among stocks, barring Punjab National Bank, all the other eleven index stocks closed in the red. The Bank Nifty slipped 372 points to 33,269.
The Bank Nifty’s options contracts expiring on 30 June have sizable positions at 34,000 and 33,500 call options and 33,000 and 32,000 put options.
As per the options data, the broad range for the Bank Nifty is between 32,600 and 34,800 levels. Its immediate support is at 33,000 and resistance is at 33,800 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.