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 70 (+0.3%) points higher. Its Asian peers are trading mixed. The Nikkei 225 advanced 0.7%, while Hong Kong's Hang Seng index declined 0.1%.
US market update
US markets ended higher on Friday, supported by a tech and Tesla-led rise. Dow Jones rose 0.1% while NASDAQ gained 0.1%.
Index Action
Nifty50
June Futures @ 18,563 📉▼71 (-0.3%)
OI Contracts: 1,94,172 (-1.7%)
The index slipped lower on Friday and closed near the day's low point. The index has formed a negative RSI divergence on the charts but has multiple support zones on the downside. The lower band of the upward-sloping channel near 18,500 and the 20 DMA near 18,450 will be the support levels for the index.
For directional cues, investors will await domestic inflation numbers and the Fed interest rate decision this week.
The Nifty50 options expiring on 15 June have significant positions at 18,700 and 18,600 calls and 18,700 and 18,600 puts.
According to options data and OI analysis, the Nifty50 range for the 29th June expiry is between 18,000 and 18,900. On the other hand, 18,400 and 18,700 are the immediate support and resistance levels for this week.
Bank Nifty
June Futures @ 43,989 📉▼37 (-0.08%)
OI Contracts: 94,951 (-0.9%)
Amid market weakness, the Bank Nifty ended flat with a negative bias. The index slipped from the 44,200 level but again took support at its 20 DMA near the 44,000 level.
IndusInd Bank (+2.0%) and Axis Bank (+1.3%) were the top gainers among banking stocks. Bandhan Bank (-1.6%) and SBI (-1.6%) 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, 43,500 and 44,500 are this week's immediate support and resistance levels.
FII and DII Data💰
In the cash market, Foreign Institutional Investors (FIIs) sold shares worth ₹308 crore, while Domestic Institutional Investors (DIIs) bought shares worth ₹1,245 crore. In the derivatives market, FIIs sold index futures worth ₹617 crore and bought index options worth ₹6,692 crore. Further, they sold stock futures worth ₹1,149 crore and sold stock options worth ₹213 crore.
India VIX
The volatility index declined 1.2% to 11.12.
Stock Action📊
Long build-up was seen in Balrampur Chini, India Cements, Hindustan Aeronautics, Delta Corp and IndusInd Bank.
Short build-up was seen in IEX, SBI, Exide Industries, SRF and Wipro.
Under F&O Ban: Indiabulls Housing Finance, IEX and India Cement.
*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.