Asian Markets Update 7 am
Indian equities may start the day flat to negative, as indicated by the GIFT Nifty. The futures contract on the NSE International Exchange (NSE IX) is trading 11 (-0.06%) points lower. Its Asian peers are trading mixed. The Nikkei 225 declined 0.3%, while Hong Kong’s Hang Seng index gained 0.4%.
US market update
US markets settled higher on the back of a surge in tech stocks. Dow Jones advanced 0.1% while NASDAQ gained 1.6%.
Index Action
Nifty50
July Futures @ 19,498 📈▲36 (+0.1%)
OI Contracts: 2,08,079 (+2.4%)
The Nifty50 Index hit a new record high before giving most of the gains and ending marginally higher. For the last few sessions the index is oscillating in a range of nearly 250 points. Investors will eye the upcoming results to get a clear direction in the markets.
The Nifty50 options expiring on 14 July have significant positions at 19,500 and 20,000 calls and 19,500 and 19,400 puts.
According to options data and OI analysis, the Nifty50's range for the 27th July expiry is between 19,000 and 19,800 levels. On the other hand, 19,200 and 19,600 are the immediate support and resistance levels for this week.
BANK NIFTY
July Futures @ 44,812 📈▲8 (+0.02%)
OI Contracts: 1,50,115 (-8.7%)
The Bank Nifty Index hit the 45,000 but could not sustain at higher levels. It ended the day with modest gains with strength in private banks providing support at lower levels.
In a major update, starting September 4, the weekly options contracts expiry for Bank Nifty will be shifted from Thursday to Wednesday.
Among banking index stocks, ICICI Bank (+1.2%) and Axis Bank (+1.0%) were the top gainers. Federal Bank (-5.5%) and Bank of Baroda (-3.7%) were the top laggards.
The Bank Nifty's options expiring on 14 July have significant positions at the 45,000 and 45,5000 calls and 44,000 and 44,500 puts.
According to options data and OI analysis, Bank Nifty's range for the 27th July expiry is between 44,500 and 45,500. On the other hand, 44,000 and 45,200 are the immediate support and resistance levels for this week.
FII and DII Data**💰
In the cash market, the Foreign Institutional Investors (FIIs) bought shares worth ₹2,237 crore, while the Domestic Institutional Investors (DIIs) sold shares worth ₹1,196 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 0.09% and settled at 10.93.
Stock Action📊
Long build-up was seen in Coforge, Piramal Enterprises, Birlasoft, Tech Mahindra and Infosys.
Short build-up was seen in Delta Corp, Federal Bank, Power Grid, Bank of Baroda and Coal India.
Under F&O Ban: Delta Corp, 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.
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