Asian Markets Update @ 7 am
Indian equities are expected to open lower today, as suggested by the SGX Nifty. The futures contract at the Singapore exchange is trading lower by 32 points. However, the Asian markets are trading mixed. Japan's Nikkei 225 is up 0.7%, while Hong Kong's Hang Seng index slipped 0.3%.
Global Market Update
US stocks closed lower on Tuesday as investors grappled with the release of retail sales data and followed developments surrounding the debt-ceiling standoff. Despite concerns over persistent inflation, the latest figures showed that US retail sales rose in April, suggesting that consumer spending remains resilient.
The Dow Jones fell over 1%, down more than 300 points. The technology-heavy Nasdaq Composite dipped 0.1%, while the S&P 500 dropped 0.6%.
Index Action
Nifty50
May Futures @ 18,325 📉▼92 (-0.5%)
OI Contracts: 2,33,880 (-0.07%)
The Nifty50 index closed lower on Tuesday, breaking its two-day winning streak, dragged down by Reliance Industries and HDFC twins. The index witnessed selling pressure around the 18,500 level, and a bearish engulfing pattern has formed on the daily chart. Investors will be watching today's close to confirming the reversal pattern.
The Nifty50 options expiring on 18 May have significant positions at 18,400 and 18,500 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 18,000 and 18,600. On the other hand, 18,200 and 18,500 is the short-term range for this week.
Bank Nifty
May Futures @ 43,880 📉▼119 (-0.2%)
OI Contracts: 89,987 (-3.1%)
The Bank Nifty index retreated from its all-time high again, witnessing higher profit booking. The index fell over 150 points from the day's high, snapping its four-day winning streak.
Among banking stocks, AU Small Finance Bank (+1.6%) and Bank of Baroda (+1.4%) were the strongest performers. HDFC Bank (-1.7%) and Kotak Mahindra Bank (-1.3%) dragged the index lower.
The Bank Nifty's options expiring on 18 May have significant positions at the 44,000 and 44,100 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 44,700. On the other hand, 43,500 and 44,300 is the short-term range for this week.
FII and DII Data💰
In the cash market, Foreign Institutional Investors (FIIs) bought shares worth ₹1,406 crore, while Domestic Institutional Investors (DIIs) sold shares worth ₹886 crore. In the derivatives market, FIIs sold index futures and options worth ₹346 crore and ₹17,413 crore. Further, they bought stock futures and stock options worth ₹82 crore and ₹214 crore.
India VIX
The volatility index rose 0.9% to 13.29.
Stock Action📊
Long build-up was seen in Astral, Aurobindo Pharma, Indian Oil Corporation, LIC Housing Finance and Indus Towers.
Short build-up was seen in REC Ltd, PVR Inox, Power Finance Corporation, ABFRL and Jindal Steel.
Under F&O Ban: Balrampur Chini Mills, Punjab National Bank, Delta Corp, Gujarat Narmada Valley Fertilizers & Chemicals (GNFC) and Manappuram Finance.
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