Asian Markets Update 7 am
Indian equities may start the day flat to positive, as indicated by the GIFT NIFTY. The futures contract on the NSE International Exchange (NSE IX) is trading 14 (+0.07%) points lower. Its Asian peers are trading lower. The Nikkei 225 declined 0.1%, while Hong Kong’s Hang Seng index fell 1.0%.
US market update
US markets ended mixed after select banks posted strong numbers while tech stocks slipped lower. Dow Jones gained 0.3% while NASDAQ lost 0.1%.
Index Action
NIFTY50
July Futures @ 19,624 📈▲149 (+0.7%)
OI Contracts: 2,12,705 (+2.2%)
The Nifty50 continued its upwards march and hit a fresh record high level on the back of strong foreign investor inflows and gains in the IT stocks . The index broke out of its congestion zone and rose more than three quarters of a percent. With gains in most of the sectors, the index settled above 19,500 for the first time.
Among other companies, HDFC Bank and LTI Mindtree will announce their earnings today.
The Nifty50 options expiring on 20 July have significant positions at 19,600 and 19,500 calls and 19,500 and 19,400 puts.
According to options data and OI analysis, the Nifty50's range for the 27th July expiry is between 19,300 and 19,900 levels. On the other hand, 19,400 and 19,700 are the immediate support and resistance levels for this week.
BANK NIFTY
July Futures @ 44,950 📈▲173 (+0.3%)
OI Contracts: 1,42,448 (-5.1%)
The Bank Nifty fell below the previous day’s low point but rebounded from 44,500 level and settled with gains of over a third of a percent. The banking index halted its fall and surged sharply in the last hour of trade. Both PSU banks and Private banks saw strong gains and helped the index regain lost ground.
Among banking index stocks, AU Small Finance Bank (+2.7%) and Punjab National Bank (+2.7%) were the top gainers. Axis Bank (-0.3%) and SBI (-0.2%) were the top laggards.
The Bank Nifty's options expiring on 20 July have significant positions at the 45,000 and 45,2000 calls and 44,500 and 44,800 puts.
According to options data and OI analysis, Bank Nifty's range for the 27th July expiry is between 44,000 and 45,600. On the other hand, 44,300 and 45,300 are the immediate support and resistance levels for this week.
FII and DII Data**💰
In the cash market, the Foreign Institutional Investors (FIIs) bought shares worth ₹2,636 crore, while the Domestic Institutional Investors (DIIs) sold shares worth ₹772 crore. In the derivatives market, FIIs bought index futures worth ₹252 crore and sold index options worth ₹15,764 crore. Further, they bought stock futures worth ₹3,182 crore and bought stock options worth ₹12 crore.
India VIX
The volatility index fell 2.3% and settled at 10.68.
Stock Action📊
Long build-up was seen in Indiamart Intermesh, Oracle Financial Services, RBL Bank, Coforge and Wipro.
Short build-up was seen in Bosch, Power Grid, MCX, JK Cement and Siemens.
Under F&O Ban: Delta Corp, Hindustan Copper, Indiabulls Housing Finance, Manappuram, Punjab National Bank and RBL Bank.
*In Futures and Options or F&O, long build-up means an increase in Open Interest (OI)
long 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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