Asian Markets Update 7 am
Indian equities may start the day higher, as the SGX Nifty indicates. The futures contract on the Singapore Exchange is trading 36 (+0.1%) points higher. Its Asian peers are trading flat to positive. The Nikkei 225 advanced 1.7%, while Hong Kong's Hang Seng index gained 0.02%.
US market update
US markets ended higher following a drop in Treasury yields after data showed a jump in jobless claims raising expectations of an interest rate pause. Dow Jones rose 0.5% while NASDAQ gained 1.0%.
Index Action
Nifty50
June Futures @ 18,722 📉▼76 (-0.4%)
OI Contracts: 1,97,521 (+3.8%)
Following the Reserve Bank of India's (RBI) hawkish commentary on inflation in the latter half of the year, the Nifty50 saw an end to its four-day winning streak. Despite trying to extend its gains, the index could not surpass the 18,800 level. The benchmark index faced downward pressure, resulting in most sectoral indices closing lower.
The Nifty50 options expiring on 15 June have significant positions at 18,700 and 18,800 calls and 18,700 and 18,600 puts.
According to options data and OI analysis, the Nifty50's range for the 29th June expiry is between 18,200 and 19,000 levels. On the other hand, 18,400 and 18,800 are the immediate support and resistance levels for this week.
Bank Nifty
June Futures @ 44,163 📉▼230 (-0.5%)
OI Contracts: 95,890 (+2.8%)
The Bank Nifty relinquished its earlier gains and experienced a significant decline from the 44,450 level, concluding the session with a decrease of 0.6%. However, the index found support near its 20-day moving average (DMA) and closed slightly above it. The index's breadth was negative, as 10 out of the 12 stocks ended the day in negative territory.
Among banking stocks, HDFC Bank (+0.06%) and Bank of Baroda (+0.03%) were the top gainers. Kotak Mahindra Bank (-2.7%) and IDFC First Bank (-1.9%) were the laggards.
The Bank Nifty's options expiring on 15 June 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 29th June expiry is between 43,000 and 45,000. On the other hand, 43,400 and 44,600 are this week's immediate support and resistance levels.
FII and DII Data💰
In the cash market, Foreign Institutional Investors (FIIs) bought shares worth ₹212 crore, while Domestic Institutional Investors (DIIs) sold shares worth ₹405 crore. In the derivatives market, FIIs sold index futures worth ₹442 crore and sold index options worth ₹515 crore. Further, they sold stock futures worth ₹1,094 crore and sold stock options worth ₹78 crore.
India VIX
The volatility index declined 1.5% to 11.26.
Stock Action📊
Long build-up was seen in NTPC, JSW Steel, Astral, Cipla and Indigo.
Short build-up was seen in IEX, Tech Mahindra, Deepak Nitrite, Indian Hotels and Wipro.
Under F&O Ban: Indiabulls Housing Finance and Manappuram.
*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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