Asian Markets Update @ 7 am
The SGX Nifty is trading 43 (-0.2%) points lower than its last close, indicating a negative start for the Nifty50 today. Major Asian markets are trading mixed. Japan's Nikkei 225 fell 0.2%, while Hong Kong's Hang Seng Index gained 0.8%.
Global Market Update
US markets ended lower on Tuesday and with a monthly cut in February as a string of data points suggesting underlying economic strength stoked fears of higher interest rates. The Dow Jones fell 0.7%, while the S&P 500 lost 0.3%. The technology-heavy Nasdaq Composite declined 0.1%.
Index Action
Nifty50
March Futures @ 17,406 📉▼91 (-0.5%)
OI Contracts: 2,35,023 (+5%)
The Nifty50 fell for the eighth consecutive session amid global concerns over rising inflation and interest rates. Weakness in pharma, oil & gas and metal stocks dragged the index lower as it closed below its 200 DMA for the first time since October 20.
Among the major sectoral indices, Media (+2.4%) and Realty (+1.1%) advanced the most, while Oil & Gas (-1.3%) and Pharma (-1.3%) were the biggest laggards.
The Nifty 50 options contracts expiring on 2 March have significant positions at the 17,400 and 17,500 calls and the 17,000 and 17,300 puts.
According to options data and OI analysis, the Nifty50's long range for the March 29 expiry is between 16,800 and 17,800. On the other hand, 17,100 and 17,500 is the short-term range for the current week.
Bank Nifty
March Futures: 40,490 📉▼57 (-0.1%)
OI Contracts: 1,01,616 (-0.9%)
The Bank Nifty oscillated between the red and green zones throughout the day, closing marginally lower. The banking index formed a doji candle on the daily chart and held the 40,000 support level.
Among banking stocks, Bandhan Bank (+1.5%) and IDFC First Bank (+1.3%) were the top gainers, while Axis Bank (-1.2%) and SBI (-0.9%) were the top losers.
The Bank Nifty’s options contracts expiring on 2 March have significant positions at the 40,500 and 41,000 calls and 40,000 and 39,500 puts.
According to options data and OI analysis, Bank Nifty’s range for the 29th March expiry is between 38,800 and 41,700. On the other hand, 39,900 and 40,700 is the short-term range for the current week. week.
FII and DII Data💰
The Foreign Institutional Investors (FIIs) sold shares worth ₹4,559 crore, while Domestic Institutional Investors (DIIs) bought shares worth ₹4,609 crore in the cash market. In the derivatives market, FIIs sold index futures worth ₹1,357 crore and bought index options worth ₹4,445 crore. Further, they bought stock futures worth ₹1,068 crore and sold stock options worth ₹155 crore.
India VIX
The fear gauge India VIX rebounded after 3 days of declines, rising 1.0% to 14.02.
Stock Action📊
Long build-up was seen in Escorts Kubota, Polycab, ACC, Dr. Lal Pathlabs and Indiamart Intermesh.
Short build-up was seen in Cipla, Vedanta, HCL Tech, LTI Mindtree and Tata Steel.
*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.