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 13 (-0.07%) points lower. Its Asian peers are trading lower. The Nikkei 225 declined 1.3%, while Hong Kong’s Hang Seng index fell 1.9%.
US Market Update
US markets fell following a spike in Treasury yields as rate hike concerns arise for later this year. Dow Jones declined 0.5% while NASDAQ fell 1.1%.
Index Action
NIFTY
August Futures @ 19,466📉▼12 (-0.06%)
OI Contracts: 2,16,305 (+1.49%)
Fueled by inflows from both foreign and domestic portfolio investors, the Nifty50 erased its opening losses and settled higher. Ahead of today’s expiry, the index rebounded from 19,300 level and negated its recent lower low pattern on the daily charts.
The Nifty50 options expiring on 17 August have significant positions at 19,600 and 19,500 calls and 19,300 and 19,400 puts.
According to options data and OI analysis, the Nifty50's range for the 31st August expiry is between 19,000 and 19,800 levels. On the other hand, 19,300 and 19,600 are the immediate support and resistance levels for this week.
BANK NIFTY
August Futures @ 44,038 📉▼196 (-0.4%)
OI Contracts: 1,32,099 (+4.0%)
Bank Nifty took support at its 100 DMA near 43,600 and rebounded till 44,000. However, owing to some pressure in the closing hour of trade, the banking index settled in the red and below 44,000. The index has formed a lower low pattern on the daily charts for five days in a row.
Among banking index stocks, SBI (+0.8%) and IDFC First Bank (+0.2%) were the top gainers. Bandhan Bank (-1.3%) and Bank of Baroda (-1.0%) were the top laggards.
The Bank Nifty's options expiring on 17 August have significant positions at the 44,500 and 45,000 calls and 43,800 and 43,500 puts.
According to options data and OI analysis, Bank Nifty's range for the 31st August expiry is between 43,100 and 44,800. On the other hand, 43,600 and 44,300 are the immediate support and resistance levels for this week.
Nifty Financial Services
August Futures @ 19,629 📉▼99 (-0.5%)
OI Contracts: 2,250 (+1.8%)
The FINNIFTY took support near its 100 DMA and recovered some lost ground but settled lower. The FINNIFTY’s options expiring on 22 August have significant positions at the 20,000 and 19,700 calls and 19,500 and 19,600 puts.
According to options data and OI analysis of contracts expiring on 8th August, FINNIFTY’s immediate support and resistance levels are at 19,400 and 19,800.
FII and DII Data**💰
In the cash market, the Foreign Institutional Investors (FIIs) bought shares worth ₹722 crore, while the Domestic Institutional Investors (DIIs) sold shares worth ₹2,406 crore. In the derivatives market, FIIs bought index futures worth ₹221 crore and sold index options worth ₹5,214 crore. Further, they sold stock futures worth ₹1,282 crore and bought options worth ₹11 crore.
India VIX
The volatility index advanced 1.0% and settled at 12.13.
Stock Action📊
Long build-up was seen in Oracle Financial Services, Escorts Kubota, Lupin, Syngene and Astral.
Short build-up was seen in Indigo, Hindustan Copper, Coforge, SAIL and Indus Towers.
Under F&O Ban: Balrampur Chini, Chambal Fertilisers, Delta Corp, GNFC, Granules, Hindustan Copper, Indiabulls Housing Finance, India Cements, Manappuram, SAIL 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.