Global Markets Update
The SGX Nifty is trading in the red, down by 227 points. Major Asian markets are trading lower. In Japan, the Nikkei fell 0.2% (7 am), while Hong Kong’s Hang Seng index declined 2.5% (7 am).
In a stunning reversal, the US markets erased all the gains of Wednesday's relief rally and registered the worst single-day drop since 2020. The Dow Jones dropped 3.1%, and the Nasdaq fell 4.9%. The European markets ended mixed in the range of -0.5% to +0.1%.
Stock Action
Long build-up was seen in ABB, Honeywell Automation, Ashok Leyland, BHEL and Coforge.
Short build-up was seen in FSL, Federal Bank, Tata Consumer, Exide and Intellect Design.
Major companies announcing results today are Canara Bank, Federal Bank, Reliance and Tata Power.
F&O stocks in ban
Stocks in ban:
Stocks added:
Stocks out of ban:
FII/DII Activity**
In the cash market, FIIs were net sellers of ₹2,074 crore, while DIIs were net buyers of ₹2,229 crore. In the derivatives market, FIIs bought index futures worth ₹1,053 crore and sold index options worth ₹2,865 crore. Further, bought stock futures worth ₹2,242 crore and sold stock options worth ₹171 crore.
Index Action
Nifty50
Amid weekly options expiry and profit-booking, the Nifty50 erased early gains and ended flat. IT and Metal fared well among sectoral indices, while Realty and Pharma faced selling pressure. Erasing all its intraday gains, the Nifty50 ended flat with a positive bias, up 5 points at 16,682.
The India VIX dropped 7.2% to 20.29.
The Nifty50’s options contracts expiring on May 26 are scattered and have sizable positions at 17,000 and 17,500 call options and 16,000 and 16,500 put options.
The Nifty50’s options contracts expiring on May 12 have sizable positions at 17,000 and 17,500 call options and 16,500 and 16,000 put options.
As per options data, the broad range for the Nifty50 is between 16,000 and 17,800 levels. Its immediate support is at 16,400 and resistance is at 16,900 levels.
Bank Nifty
The Bank Nifty swung nearly 800 points during the day and ended the volatile session in red. With seven out of 12 Bank Nifty stocks closing lower, the market breadth was in favour of bears. The Bank Nifty closed the session 31 points lower to 35,232.
The Bank Nifty’s options contracts expiring on May 26 are scattered and have sizable positions at 39,000 and 36,000 call options and 36,000 and 35,000 put options.
The Bank Nifty’s options contracts expiring on May 12 have sizable positions at 36,000 and 37,000 call options and 34,000 and 35,000 put options.
As per the options data, the broad range for the Bank Nifty is between 34,000 and 36,800 levels. Its immediate support is at 34,800 and resistance is at 35,900 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.