Asian Markets Update @ 7 am
The SGX Nifty is trading 100 (+0.2%) points higher than its last close, indicating a positive start for the Nifty50 today. Major Asian markets are also trading in the green. Japan's Nikkei 225 gained 0.2%, while Hong Kong's Hang Seng Index rose 1.8%.
Global Market Update
US stocks moved higher after the inflation showed prices cooled off in February, and banking stocks rallied higher, easing fears of contagion. The Dow Jones gained 1% to end at 32,155. The S&P 500 rose 1.6% to 3,919, while the Nasdaq Composite jumped 2.1% and finished at 11,428.
Index Action
Nifty50
March Futures @ 17,140 📉▼65 (-0.3%)
OI Contracts: 2,47,091 (+6.2%)
The Nifty50 continued on its downward trajectory and slipped below the psychologically important level of 17,000 during the day, for the first time since October 2022. Its attempted recovery was thwarted by selling pressure in PSU bank, IT and Metal stocks. Meanwhile, India’s Wholesale Price Index (WPI) based inflation declined to a 25-month low of 3.85% in February 2023.
Except Media (+0.1%) and Pharma (+0.01%), all other major sectoral indices ended in the red, with PSU Bank (-1.9%) and IT (-1.6%) being the biggest laggards.
The Nifty50 options expiring on 16 March have significant positions at 17,500 and 17,200 calls and 17,000 and 16,800 puts.
According to options data and OI analysis, the Nifty50's long range for the 29 March expiry is between 16,600 and 17,500. On the other hand, 16,800 and 17,250 is the short-term range for the current week.
Bank Nifty
March Futures @ 39,696 📉▼9 (-0.02%)
OI Contracts: 1,13,169 (+7.7%)
The Bank Nifty recovered from the 39,150 level but ended the day in the red. Led by the ongoing slide in PSU banks, the banking index closed below its 200-DMA for the first time since July 2022.
Among banking stocks, Bandhan Bank (-5.4%) and Kotak Mahindra Bank (-1.5%) were the biggest losers, while IndusInd Bank (+0.3%) and ICICI Bank (+0.2%) were the top gainers.
The Bank Nifty's options expiring on 16 March have significant positions at the 40,500 and 40,000 calls and 39,500 and 39,000 puts.
According to options data and OI analysis, Bank Nifty's range for the 29th March expiry is between 38,000 and 40,700. On the other hand, 38,800 and 40,000 is the short-term range for the current week.
FII and DII Data💰
The Foreign Institutional Investors (FIIs) sold shares worth ₹3,086 crore, while Domestic Institutional Investors (DIIs) bought shares worth ₹2,121 crore in the cash market. In the derivatives market, FIIs sold index futures worth ₹1,479 crore and bought index options worth ₹13,780 crore. Further, they sold stock futures worth ₹903 crore and bought stock options worth ₹52 crore.
India VIX
The fear gauge India VIX ended flat with a negative bias at 16.21, down 0.06%.
Stock Action📊
Long build-up was seen in Cummins India, PI Industries, Bharat Electronics, Pidilite and DLF.
Short build-up was seen in Aditya Birla Fashion, Intellect Design, Mphasis, RBL Bank and Persistent Systems.
Under F&O Ban: GNFC 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.
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