Asian Markets Update @ 7 am
The SGX Nifty is trading 44 (+0.2%) points higher than its last close, indicating a positive start for the Nifty50 today. Major Asian markets are trading in the green. Japan's Nikkei 225 is up 0.6%, while Hong Kong's Hang Seng Index is up 0.7%.
Global Markets Update
US equities closed higher with tech stocks at the forefront of the rally despite fears of interest rate hikes by the Federal Reserve.
The Dow Jones rose 0.1%, while S&P 500 gained 0.2% The technology-heavy Nasdaq Composite climbed 0.9%
Index Action
Nifty50
February Futures: 18,040 📈▲94 (+0.5%)
OI Contracts: 1,90,488 (+0.08%)
The Nifty50 defied global sentiments and extended its gains for the second consecutive day. Sustained momentum in IT stocks and Reliance Industries helped the index close above the psychologically important 18,000-mark after 14 sessions.
Among the major sectoral indices, Realty (+1.3%) and IT (+1.1%) were the top gainers, while FMCG (-0.3%) and Pharma (-0.1%) were the top losers.
The Nifty 50 options contracts expiring today have significant positions at the 18,100 and 18,200 calls and the 17,800 and 17,900 puts.
As per options data and OI analysis, the Nifty50’s broad range for the February expiry is between 17,700 and 18,300 levels. On the other hand, 17,800 and 18,150 is the short-term range for the current week.
Bank Nifty
February Futures: 41,836 📈▲134 (+0.3%)
OI Contracts: 90,200 (+0.7%)
The Bank Nifty spent most of the day in the red but closed in the green after a late rally. Though the banking index held its 20 EMA, it is yet to touch the psychologically important 42,000 level since the Budget day.
Among banking stocks, Bandhan Bank (+2.6%) and Kotak Mahindra Bank (+0.8%) were the top gainers, while IndusInd Bank (-0.6%) and Axis Bank (-0.2%) were the biggest laggards.
The Bank Nifty’s options contracts expiring today have significant positions at the 42,000 and 42,500 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 40,800 and 42,700 levels. On the other hand, 41,400 and 42,100 is the short-term range for the current week.
FII and DII Data💰
The Foreign Institutional Investors (FIIs) bought shares worth ₹432 crore, while Domestic Institutional Investors (DIIs) bought shares worth ₹516 crore in the cash market. In the derivatives market, FIIs sold index futures worth ₹262 crore and bought index options worth ₹1,810 crore. Further, they bought stock futures worth ₹1,920 crore and bought stock options worth ₹300 crore.
India VIX
The India VIX fell 4.39% from 13.45 to 12.86. Volatility cooled off from its highs, paving the way for the bulls to make a strong comeback.
Stock Action📊
Long build-up was seen in Torrent Power, Apollo Hospitals, PI Industries, Max Financial Services and TVS Motor.
Short build-up was seen in MCX, Indigo, Bata India, Bharat Forge and Hindustan Unilever.
Under F&O Ban: Ambuja Cements, BHEL, Indiabulls Housing Finance and Punjab National Bank.
*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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