Asian Markets Update 7 am
Indian equities may start the day flat to negative, as the GIFT Nifty indicates. The futures contract on the NSE International Exchange (NSE IX) is trading 6 (-0.04%) points lower. Its Asian peers are trading mixed. The Nikkei 225 declined 1.0%, while Hong Kong's Hang Seng index gained 0.9%.
US market update
US markets settled higher, led by a jump in energy and big tech stocks ahead of the inflation data later this week. Dow Jones advanced 0.9% while NASDAQ gained 0.5%.
Index Action
Nifty50
July Futures @ 19,517 📈▲107 (+0.5%)
OI Contracts: 2,03,084 (-1.4%)
The Nifty50 hit the 19,500 level but settled below it, within the congestion zone near 19,450. It was a volatile session where the index slipped from higher levels but ended comfortably in the green, with nearly half a per cent gains. Today the result season kicks off with IT majors TCS and HCL Tech announcing their results.
The Nifty50 options expiring on 13 July have significant positions at 19,500 and 19,600 calls and 19,400 and 19,300 puts.
According to options data and OI analysis, the Nifty50 range for the 27th July expiry is between 19,000 and 19,700. On the other hand, 19,300 and 19,550 are this week's immediate support and resistance levels.
Bank Nifty
July Futures @ 44,901 📉▼43 (-0.1%)
OI Contracts: 1,78,377 (-0.2%)
Bank Nifty underperformed versus the Nifty50 and settled in the red. The banking index failed to breach the previous day's high but slipped lower and ended a quarter of a per cent lower. The banking index now has a gap on the upside near the 45,200 level.
IDFC First Bank (+4.4%) and IndusInd Bank (+1.0%) were the top gainers among banking index stocks. Bandhan Bank (-2.5%) and Axis Bank (-1.1%) were the top laggards.
The Bank Nifty's options expiring on 13 July have significant positions at the 45,000 and 45,100 calls and 45,000 and 44,500 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 45,200 are this week's immediate support and resistance levels.
FII and DII Data💰
In the cash market, Foreign Institutional Investors (FIIs) bought shares worth ₹1,197 crore, while Domestic Institutional Investors (DIIs) sold shares worth ₹7 crore. In the derivatives market, FIIs bought index futures worth ₹152 crore and bought index options worth ₹1,142 crore. Further, they sold stock futures worth ₹988 crore and bought stock options worth ₹197 crore.
India VIX
The volatility index fell 3.9% and settled at 11.01.
Stock Action📊
The long build-up was seen in Indiamart Intermesh, Polycab, Tata Communications, ABB and BEL.
The short build-up was seen in Atul Ltd, Deepak Nitrite, HCL Tech, PI Industries and UPL.
Under F&O Ban: BHEL, Delta Corp, Granules, Indiabulls Housing Finance, India Cements, Manappuram, Punjab National Bank 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.