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 (-0.03%) points lower. Its Asian peers are trading in the green. The Nikkei 225 advanced 1.0%, while Hong Kong's Hang Seng index gained 1.6%.
US market update
US markets settled higher after data showed inflation slowed more than expected in June. Dow Jones advanced 0.2% while NASDAQ gained 1.1%.
Index Action
Nifty50
July Futures @ 19,462 📉▼38 (-0.2%)
OI Contracts: 2,03,146 (+0.03%)
Ahead of today's expiry, the Nifty50 gave up early gains and slipped from 19,500. The index remained under pressure throughout the day and settled in red, below 19,400. Gains in PSU Bank and Pharma stocks offset pressure from the IT and Financial stocks. Today Wipro and Federal Bank will announce their quarterly earnings.
The Nifty50 options expiring on 13 July have significant positions at 19,500 and 19,600 calls and 19,300 and 19,200 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 19,500 are this week's immediate support and resistance levels.
Bank Nifty
July Futures @ 44,805 📉▼65 (-0.1%)
OI Contracts: 1,64,465 (-7.8%)
Bank Nifty continued to slide lower and settled in red for the fourth day in a row. Despite the fall, the banking index is comfortably placed above its 20 DMA, near the 44,350 level. The index's breadth turned marginally negative, with 7 out of the 12 stocks ending lower.
Punjab National Bank (+1.5%) and AU Small Finance Bank (+0.9%) were the top gainers among banking index stocks. HDFC Bank (-0.9%) and IndusInd Bank (-0.6%) were the top laggards.
The Bank Nifty's options expiring on 13 July have significant positions at the 45,000 and 44,8000 calls and 44,500 and 44,000 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, 44,200 and 45,000 are the immediate support and resistance levels for this week.
FII and DII Data💰
In the cash market, the Foreign Institutional Investors (FIIs) sold shares worth ₹1,242 crore, while the Domestic Institutional Investors (DIIs) bought shares worth ₹436 crore. In the derivatives market, FIIs bought index futures worth ₹74 crore and sold index options worth ₹2,591 crore. Further, they sold stock futures worth ₹2,925 crore and sold stock options worth ₹263 crore.
India VIX
The volatility index fell 0.6% and settled at 10.94.
Stock Action📊
The long build-up was seen in HDFC AMC, Siemens, Ashok Leyland, NMDC and Lupin.
Short build-up was seen in HDFC Bank, LTI Mindtree, Bata India, Gujarat Gas and Havells.
Under F&O Ban: Hindustan Copper, 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.