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 20 (+0.1%) points lower. Its Asian peers are trading lower. The Nikkei 225 declined 0.1%, while Hong Kong’s Hang Seng index fell 0.3%.
US Market Update
US markets slipped lower under pressure by a slide in Walmart and ongoing rise in Treasury yields. Dow Jones declined 0.8% while NASDAQ fell 1.1%.
Index Action
NIFTY50
August Futures @ 19,384📉▼100 (-0.5%)
OI Contracts: 2,22,153 (+2.7%)
With the backdrop of global jitters, the Nifty50 gave up its early gains and fell to 19,300. The range for the index has shifted lower; from 19,700-19,500 to 19,300. The index is still holding above its 50DMA near 19,300 but this will remain a key level for the index to watch out for in the coming days.
The Nifty50 options expiring on 24 August have significant positions at 19,400 and 19,500 calls and 19,300 and 19,400 puts.
According to options data and OI analysis, the Nifty50's range for the 31st August expiry is between 19,000 and 19,800 levels. On the other hand, 19,200 and 19,600 are the immediate support and resistance levels for this week.
BANK NIFTY
August Futures @ 44,042 📉▼32 (-0.07%)
OI Contracts: 1,40,907 (+6.6%)
Bank Nifty ended marginally lower and held above Wednesday’s low. Recovery in PSU banks helped the index regain some lost ground while pressure in pvt banks kept the pressure on. The banking is holding above its 100 DMA and also near its support zone of 43,300-43,600.
Among banking index stocks, Punjab National Bank (+2.5%) and SBI (+2.2%) were the top gainers. HDFC Bank (-0.5%) and Kotak Mahindra Bank (-1.1%) were the top laggards.
The Bank Nifty's options expiring on 24 August have significant positions at the 44,000 and 44,500 calls and 44,000 and 43,500 puts.
According to options data and OI analysis, Bank Nifty's range for the 31st August expiry is between 43,000 and 44,800. On the other hand, 43,300 and 44,400 are the immediate support and resistance levels for this week.
FINNIFTY
August Futures @ 19,609 📉▼30 (-0.1%)
OI Contracts: 2,219 (-1.9%)
The FINNIFTY continues to take support near its 100 DMA but ended with marginal cuts on Thursday. The FINNIFTY’s options expiring on 22 August have significant positions at the 19,900 and 19,700 calls and 19,500 and 19,000 puts.
According to options data and OI analysis of contracts expiring on 8th August, FINNIFTY’s immediate support and resistance levels are at 19,400 and 19,800.
FII and DII Data**💰
In the cash market, the Foreign Institutional Investors (FIIs) sold shares worth ₹1,510 crore, while the Domestic Institutional Investors (DIIs) sold shares worth ₹313 crore. In the derivatives market, FIIs sold index futures worth ₹216 crore and bought index options worth ₹38,143 crore. Further, they sold stock futures worth ₹3,556 crore and sold options worth ₹231 crore.
India VIX
The volatility index advanced 0.9% and settled at 12.24.
Stock Action📊
Long build-up was seen in Escorts Kubota, Punjab National Bank, Bandhan Bank, Federal Bank and Havells.
Short build-up was seen in Kotak Mahindra Bank, IndusInd Bank, HDFC Bank, ICICI Bank and ITC.
Under F&O Ban: Chambal Fertilisers, Delta Corp, GNFC, Granules, Hindustan Copper, Indiabulls Housing Finance, India Cements, PNB, SAIL and Zee Entertainment.
*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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