Asian Markets Update 7 am
Indian equities may start the day flat to positive, as the GIFT Nifty indicates. The futures contract on the NSE International Exchange (NSE IX) is trading 20 (+0.1%) points higher. Its Asian peers are trading higher. The Nikkei 225 advanced 0.7%.
US Market Update
US markets ended mixed as investors weighed economic data showing steady inflation. Dow Jones declined 0.4% while NASDAQ gained 0.1%.
Index Action
September Futures @ 19,428📉▼17 (-0.09%)
OI Contracts: 2,13,151 (+42.3%)
The Nifty50 pared its gains and ended lower by nearly half a per cent. The index met with resistance at the convergence point of its 20 DMA and 50 DMA and settled near the lower band of its consolidation range. India's gross domestic product (GDP) grew by 7.8 per cent in the April-June quarter of current fiscal (2023-2024), compared to a growth of 6.1 per cent in the previous January-March quarter of fiscal 2022-23.
The Nifty50 options expiring on 7 September have significant positions at 19,400 and 19,500 calls and 19,200 and 19,400 puts.
According to options data and OI analysis, the Nifty50's range for the 28th September expiry is between 18,200 and 19,200 levels. On the other hand, 19,000 and 19,450 are the immediate support and resistance levels for this week.
September Futures @ 44,359 📉▼141 (-0.3%)
OI Contracts: 1,60,601 (+100.1%)
Bank Nifty slipped lower from its 20 DMA and ended lower by half a per cent. The negated its higher high, higher low pattern as it settled below its 100 DMA and also below the 44,000 mark. The breadth of the index was negative, with 10 out of 12 stocks ending in red.
Among banking index stocks, IDFC First Bank (+1.1%) and Federal Bank (+0.3%) were the top gainers. SBI (-1.0%) and Bank of Baroda (-2.3%) were the laggards.
The Bank Nifty's options expiring on 5 September have significant positions at the 44,500 and 44,000 calls and 44,000 and 43,500 puts.
According to options data and OI analysis, Bank Nifty's range for the 28th September expiry is between 42,800 and 45,200. On the other hand, 43,400 and 44,600 are the immediate support and resistance levels for this week.
Nifty Financial Services
September Futures @ 19,762 📉▼53 (-0.2%)
OI Contracts: 1,227 (+17.7%)
The FINNITY, too, ended the day lower, near its 100 DMA. The FINNIFTY's options expiring on 5 September have significant positions at the 20,100 and 19,900 calls and 19,200 and 19,300 puts.
According to options data and OI analysis of contracts expiring on 5 September, FINNIFTY's immediate support and resistance levels are at 19,600 and 20,000.
FII and DII Data
In the cash market, the Foreign Institutional Investors (FIIs) sold shares worth ₹2,973 crore, while the Domestic Institutional Investors (DIIs) bought shares worth ₹4,382 crore. In the derivatives market, FIIs sold index futures worth ₹2,489 crore and bought index options worth ₹6,266 crore. Further, they sold stock futures worth ₹4,719 crore and offloaded options worth ₹230 crore.
India VIX
The volatility index advanced 2.2% and settled at 12.06.
Stock Action
Long build-up was seen in HDFC AMC, Hindustan Copper, IDFC First Bank, Manappuram Finance and Persistent Systems.
The short build-up was seen in Astral, Torrent Pharma, Cummins India, PFC and Bank of Baroda.