Asian Markets Update 7 am
Indian equities may start the day flat to negative, as the GIFT Nifty indicates. The futures contract on the NSE International Exchange (NSE IX) is trading 5 (-0.03%) points lower. Its Asian peers are trading mixed. The Nikkei 225 advanced 0.3%, while Hong Kong's Hang Seng index declined 2.1%.
US market update
US markets ended higher on the back of gains in banks and tech stocks. Dow Jones hit a new 2023 high and gained 0.2%, while NASDAQ rose 0.9%.
Index Action
NIFTY50
July Futures @ 19,729 📈▲131 (+0.6%)
OI Contracts: 2,16,681 (+1.8%)
Against the backdrop of positive global cues and gains in financial stocks, the Nifty50 rose sharply and settled above 19,700. Starting the week on a positive note, the index made a higher high, higher lows pattern for the third consecutive day.
Among major companies, ICICI Lombard, ICICI Prudential, IndusInd Bank and Polycab will announce their earnings today.
The Nifty50 options expiring on 20 July have significant positions at 20,000 and 19,700 calls and 19,600 and 19,500 puts.
According to options data and OI analysis, the Nifty50 range for the 27th July expiry is between 19,300 and 20,200. On the other hand, 19,500 and 19,900 are this week's immediate support and resistance levels.
BANK NIFTY
July Futures @ 45,540 📈▲637 (+1.4%)
OI Contracts: 1,62,744 (+13.8%)
The Bank Nifty outperformed the Nifty50 and settled above 45,400. The banking index gave a breakout above the downward-sloping channel that began in late June. With PSU bank and pvt bank being among the top performing indices of the day, the index saw a sharp resurgence and is within striking distance of its recently hit all-time high level.
SBI (+2.8%) and Punjab National Bank (+2.7%) were the top gainers among banking index stocks. Bandhan Bank (-2.8%) and AU Small Finance Bank (-1.7%) were the top laggards.
The Bank Nifty's options expiring on 20 July have significant positions at the 45,500 and 46,000 calls and 45,000 and 44,500 puts.
According to options data and OI analysis, Bank Nifty's range for the 27th July expiry is between 44,600 and 46,200. On the other hand, 44,800 and 45,900 are this week's immediate support and resistance levels.
FII and DII Data**💰
In the cash market, Foreign Institutional Investors (FIIs) bought shares worth ₹73 crore, while Domestic Institutional Investors (DIIs) bought shares worth ₹64 crore. In the derivatives market, FIIs bought index futures worth ₹217 crore and bought index options worth ₹3,793 crore. Further, they bought stock futures worth ₹41 crore and sold stock options worth ₹207 crore.
India VIX
The volatility index rose 5.9% and settled at 11.32.
Stock Action📊
Long build-up was seen in United Spirits, Zee Entertainment, Trent, SBI and Indus Towers.
Short build-up was seen in Abbott India, Bandhan Bank, Hero MotoCorp, Dabur and Exide Industries.
Under F&O Ban: Delta Corp, Indiabulls Housing Finance, Manappuram and RBL Bank.
*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.
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