Asian Markets Update 7 am
Indian equities may start the day positive, as the GIFT Nifty indicates. The futures contract on the NSE International Exchange (NSE IX) is trading 35 (+0.1%) points higher. Its Asian peers are trading in the green. The Nikkei 225 rose 1.0%, while Hang Seng gained 0.6%.
US Market Update
US markets ended mixed after the inflation data came in line with expectations. Dow Jones fell 0.2% while NASDAQ gained 0.2%.
Index Action
September Futures @ 20,128 📈▲82 (+0.4%)
OI Contracts: 2,02,290 (+0.7%)
After a day of consolidation, the Nifty rebounded and closed above 20,000 for the first time. Forming a positive candle pattern on the daily chart, the index built momentum through the day and reached nearly 20,100 before settling just below it.
The Nifty50 options expiring on 14 September have significant positions at 20,100 and 20,200 calls and 19,900 and 20,000 puts.
According to options data and OI analysis, the Nifty50 range for the 28th September expiry is between 19,500 and 20,600. On the other hand, 19,900 and 20,200 are this week's immediate support and resistance levels.
September Futures @ 45,965 📈▲337 (+0.7%)
OI Contracts: 1,17,647 (-7.0%)
Bank Nifty outperformed the Nifty and surged nearly a per cent. The banking index moved closer to 46,000 and settled just below it. The breadth was strong, with 10 out of the 12 stocks ending in green.
Punjab National Bank (+8.5%) and Bank of Baroda (+4.3%) were the top gainers among banking index stocks. IDFC First Bank (-0.3%) and ICICI Bank (-0.07%) were the laggards.
The Bank Nifty's options expiring on 20 September have significant positions at the 46,000 and 47,000 calls and 45,500 and 45,000 puts.
According to options data and OI analysis, Bank Nifty's range for the 28th September expiry is between 45,000 and 46,900. On the other hand, 45,400 and 46,500 are the immediate support and resistance levels for this week.
NIFTY Financial Services
September Futures @ 20,430 📈▲100 (+0.4%)
OI Contracts: 1,559 (-2.9%)
The FINNIFTY ended the day in green, up by nearly half a per cent. The FINNIFTY's options expiring on 12 September have significant positions at the 20,300 and 20,400 calls and 20,300 and 20,200 puts.
According to options data and OI analysis of contracts expiring on 18th September, FINNIFTY's immediate support and resistance levels are at 20,100 and 20,700.
FII and DII Data
In the cash market, the Foreign Institutional Investors (FIIs) sold shares worth ₹1,631 crore, while the Domestic Institutional Investors (DIIs) bought shares worth ₹849 crore. In the derivatives market, FIIs bought index futures worth ₹1,268 crore and sold index options worth ₹31,406 crore. Further, they bought stock futures worth ₹4,546 crore and bought options worth ₹357 crore.
India VIX
The volatility index advanced 1.2% and settled at 11.83.
Stock Action
Long build-up was seen in Granules, GNFC, Polycab, Titan and Bajaj Finserv.
Short build-up was seen in Indian Hotels, Bata, HDFC Life, Cipla and Jubilant FoodWorks.
Under F&O Ban: Delta Corp, Hindustan Copper, Indiabulls Housing Finance, IEX, India Cements, Manappuram, NALCO, REC and SAIL.