Asian Markets Update @7 am
The SGX Nifty is trading higher by 34 points, signalling a positive start for the Nifty50 today. Major Asian markets are trading mixed. In Japan, the Nikkei rose 0.1%, while Hong Kong’s Hang Seng index declined more than 1%.
Global Markets Update
The US markets closed higher after the US Federal Reserve released the minutes from its June meeting, indicating another interest rate hike of 50 or 75 basis points at the July meeting. The Dow Jones added 0.2%, while Nasdaq gained 0.3%. The European markets closed higher in the range of +1.5% to +1.7%.
Stock Action
Long build-up was seen in ABB India, ConCor, M&M Financial, Hero MotoCorp, Hindustan Petroleum and Siemens Ltd.
Short build-up was seen in Indian Oil Corporation, Balrampur Chini Mills, NMDC Ltd, HDFC Life Insurance and ONGC.
FII/DII Activity**
In the cash market, FIIs were net sellers of ₹330 crore, while DIIs were net buyers of ₹1,464 crore. In the derivatives market, FIIs bought index futures worth ₹1,738 crore and sold index options worth ₹1,131 crore. Further, they bought stock futures and stock options worth ₹1,497 crore and ₹25 crore.
Index Action
Nifty50
Despite negative Asian cues, the Nifty50 staged a strong comeback on Wednesday, aided by softening crude oil prices and gains in FMCG, auto and realty stocks. The index managed to edge past the psychologically important 16,000 mark for the second consecutive day and closed yesterday's session near the day's high. The Nifty50 ended the day 178 points higher at 15,989.
The India VIX, which measures the expected volatility in the market, declined by 2.5% to 20.26.
The Nifty50’s options contracts expiring on 28 July 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 16,200 and 16,000 call options and 15,800 and 15,700 put options.
As per options data, the broad range for the Nifty50 is between 15,100 and 16,800 levels. Its immediate support is at 15,700 and resistance is at 16,200 levels.
Bank Nifty
The Bank Nifty opened more than 100 points higher and traded steadily above the 34,200 mark. With all 12 bank stocks closing in green, the Bank Nifty advanced 508 points and closed the session at 34,324.
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 34,000 and 33,500 put options.
The Bank Nifty’s options contracts expiring on 7 July have sizable positions at 35,000 and 34,500 call options and 34,000 and 33,500 put options.
As per the options data, the broad range for the Bank Nifty is between 33,400 and 35,300 levels. Its immediate support is at 33,500 and resistance is at 34,500 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.
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