Asian Markets Update @ 7 am
The SGX Nifty is trading higher by 92 points, signalling a positive start for the Nifty50 today. However, major Asian markets are trading lower, despite Wall Street recovering most of its early losses towards the close. In Japan, the Nikkei slipped more than 1%, while Hong Kong’s Hang Seng index declined 0.4%.
Global Markets Update
The US markets reversed all their early losses in the afternoon session on Tuesday, led by a rebound in tech stocks. The Nasdaq closed 1.8% higher, while the Dow Jones managed to claw back most of its losses and ended the day 0.4% lower. All the major European markets came under heavy selling pressure and declined more than 2%.
Stock Action
Long build-up was seen in Crompton Greaves, Shriram Transport Finance, Cummins India, Polycab and United Breweries.
Short build-up was seen in RBL Bank, SRF, Indian Energy Exchange, Aarti Industries and Dixon Technologies.
FII/DII Activity**
In the cash market, FIIs were net buyers of ₹1,295 crore, while DIIs were net sellers of ₹257 crore. In the derivatives market, FIIs bought index futures worth ₹922 crore and sold index options worth ₹1,498 crore. Further, they bought stock futures and stock options worth ₹247 crore and ₹56 crore.
Index Action
Nifty50
After a gap-up opening, the Nifty50 started the session on a stronger note and reclaimed the 16,000-mark. However, the selling pressure at higher levels dragged the index down, and it fell more than 200 points from its intraday high. The Nifty50 failed to hold the 16,000 level and closed the day 25 points lower at 16,810.
The India VIX, which measures the expected volatility in the market, declined 0.8% to 20.78.
The Nifty50’s options contracts expiring on 28 July are scattered and have sizable positions at 16,500 and 16,000 call options and 15,000 and 15,500 put options.
The Nifty50’s options contracts expiring on 7 July have sizable positions at 16,000 and 15,900 call options and 15,500 and 15,700 put options.
As per options data, the broad range for the Nifty50 is between 14,900 and 16,700 levels. Its immediate support is at 15,700 and resistance is at 16,000 levels.
Bank Nifty
The Bank Nifty also came under selling pressure and reversed all its intraday gains after briefly crossing the 34,200-mark. With ten out of its 12 stocks closing in red, the Bank Nifty fell nearly 600 points from its intraday high and closed the session 125 points lower at 33,815.
The Bank Nifty’s options contracts expiring on 28 July are scattered and have sizable positions at 36,000 and 34,000 call options and 33,500 and 32,000 put options.
The Bank Nifty’s options contracts expiring on 7 July have sizable positions at 34,500 and 34,000 call options and 33,000 and 33,500 put options.
As per the options data, the broad range for the Bank Nifty is between 32,900 and 34,800 levels. Its immediate support is at 33,500 and resistance is at 34,200 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.