Asian Markets Update @ 7 am
The SGX Nifty is trading 39 (+0.2%) points higher than its last close, indicating a positive start for the Nifty50 today. Major Asian markets are trading mixed. Japan's Nikkei 225 is up 0.4%, while Hong Kong's Hang Seng Index is down 0.1%.
Global Markets Update
US stocks ended higher on Monday as investors lapped up beaten-down tech stocks just a day ahead of the inflation data. The Dow Jones and S&P 500 were both up 1.1%, while the tech-heavy Nasdaq Composite was up 1.4%..
Index Action
Nifty50
February Futures: 17,799 📉▼78 (-0.4%)
OI Contracts: 2,13,932 (+4.0%)
The Nifty50 once again encountered resistance near the 20 EMA and ended the day 85 points lower. The index has been trading between 17,650 and 17,900 for the past few sessions. A decisive move on either side of this range could set the direction of the market.
Among major sectoral indices, FMCG (+0.04%) were the top gainer, while PSU Bank (-2.52%) and Media (-2.45%) were the top losers.
The Nifty50 options contracts expiring on 16 February have significant positions at 18,000 and 17,900 calls and 17,800 and 17,500 puts.
As per options data and OI analysis, the Nifty50’s broad range for the February expiry is between 17,500 and 18,200 levels. On the other hand, 17,650 and 18,000 is the short-term range for the current week.
Bank Nifty
February Futures: 41,358 📉▼289 (-0.7%)
OI Contracts: 98,356 (+8.8%)
The Bank Nifty opened flat but immediately slipped into the red. It bounced back from the 41,150 level but ended the day 0.7% lower. For the last 13 trading sessions, the banking index has encountered resistance near its 20 EMA and failed to close above it.
Among banking stocks, Kotak Mahindra Bank (+0.1%) and HDFC Bank (+0.08%) were the top gainers, while Bandhan Bank (-2.9%) and SBI (-2.8%) were the biggest laggards.
The Bank Nifty’s options contracts expiring on 16 February have significant positions at 41,500 and 42,000 calls and 41,500 and 41,000 puts.
As per options data and OI analysis, the Bank Nifty’s broad range for the February expiry is between 40,400 and 42,700 levels. On the other hand, 40,800 and 42,000 is the short-term range for the current week.
FII and DII Data💰
The Foreign Institutional Investors (FIIs) bought shares worth ₹1,322 crore, while Domestic Institutional Investors (DIIs) bought shares worth ₹521 crore in the cash market. In the derivatives market, FIIs bought index futures worth ₹89 crore and bought index options worth ₹11,655 crore. Further, they sold stock futures worth ₹1,311 crore and sold stock options worth ₹90 crore.
India VIX
The India VIX, which measures the implied volatility of Nifty50 options, rose 7.2% to 13.68.
Stock Action📊
Long build-up was seen in Gujarat Gas, Metropolis, Bharat Forge, Escorts Kubota and Torrent Power.
Short build-up was seen in City Union Bank, Coforge, Lupin, BHEL and Balkrishna Industries.
Under F&O Ban: Ambuja Cements and Indiabulls Housing Finance.
*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.