Asian Markets Update @ 7 am
Indian equities may open a tad higher after a positive handover from the US indices. The SGX Nifty gained 46 points (+0.2%), suggesting a positive start for the Nifty50 today. Major Asian indices are also trading in the green. Japan's Nikkei 225 advanced 0.6%, while Hong Kong's Hang Seng index jumped 0.9%.
Global Market Update
US markets ended the day higher on low volume as investors monitored the stalemate over the debt ceiling. The Dow Jones Industrial Average rose 0.1%, while the S&P 500 gained 0.3%. The Nasdaq Composite led the pack with a gain of 0.6%.
Index Action
Nifty50
May Futures @ 18,411📈▲77 (+0.4%)
OI Contracts: 2,34,053 (+1.5%)
The Nifty50 index closed higher for the second consecutive day on Wednesday, closing at 18,396, up 0.5%. Positive cues from Asian and European markets and a wholesale inflation decline fuelled the rally. Realty and FMCG stocks were the top gainers, followed by banking and auto stocks.
The Nifty50 options expiring on 18 May have significant positions at 18,500 and 18,600 calls and 18,300 and 18,200 puts.
According to options data and OI analysis, the Nifty50's long range for the 25th May expiry is between 18,200 and 18,700. On the other hand, 18,250 and 18,600 is the short-term range for this week.
Bank Nifty
May Futures @ 43,996 📈▲238 (+0.5%)
OI Contracts: 92,879 (+3.5%)
The Bank Nifty continued its positive momentum and closed above the 44,000 mark after 5 months. The banking index formed a strong green candle on the daily chart and closed a tad below its all-time high.
All the twelve stocks of the banking index closed in the green, with Bandhan Bank (+3.5%) and Bank of Baroda (+2.8%) advancing the most.
The Bank Nifty's options expiring on 18 May have significant positions at the 44,000 and 43,500 calls and 43,500 and 44,000 puts.
According to options data and OI analysis, Bank Nifty's range for the 25th May expiry is between 43,200 and 44,800. On the other hand, 43,500 and 44,500 is the short-term range for this week.
FII and DII Data💰
In the cash market, both Foreign Institutional Investors (FIIs) and Domestic Institutional Investors (DIIs) bought shares worth ₹1,685 crore and ₹191 crore. In the derivatives market, FIIs bought index futures and options worth ₹1,290 crore and ₹1,453 crore. Further, they bought stock futures worth ₹645 crore and sold stock options worth ₹124 crore.
India VIX
After a day's pause, the volatility index jumped 2.4% to 13.17.
Stock Action📊
Long build-up was seen in DLF, Godrej Properties, Colgate-Palmolive, SBI Cards and Bank of Baroda.
Short build-up was seen in Adani Enterprises, Cipla, Coromandel International, IEX and Divi's Labs.
Under F&O Ban: BHEL, Punjab National Bank, Delta Corp and Gujarat Narmada Valley Fertilizers & Chemicals (GNFC)
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