Asian Markets Update @ 7 am
Indian equities may rise on positive cues from Asian and US peers. The SGX Nifty is trading higher by 48 points, suggesting a positive start for the Nifty50 today. Japan's Nikkei 225 extended its winning streak to a sixth straight day, rising 1.2%, while Hong Kong's Hang Seng Index added 0.5%.
Global Market Update
US stocks closed higher on signs of optimism from debt-ceiling talks and a rebound in the regional banks. The Dow Jones rose, the Nasdaq 100 gained 1.2%, and the S&P 500 rose 1.1%.
Index Action
Nifty50
May Futures @ 18,325 📉▼96 (-0.5%)
OI Contracts: 2,15,389 (-7.9%)
The Nifty50 Index closed lower for the second consecutive session, breaching key support levels. The index declined on weak global cues and profit booking in index heavyweights. However, a rebound towards the end of the session allowed the index to recover some of its losses.
The Nifty50 options expiring on 18 May have significant positions at 18,400 and 18,300 calls and 18,000 and 18,100 puts.
According to options data and OI analysis, the Nifty50's long range for the 25th May expiry is between 18,000 and 18,500. On the other hand, 18,100 and 18,350 is the short-term range for this week.
Bank Nifty
May Futures @ 43,750 📉▼153 (-0.3%)
OI Contracts: 83,214 (-7.5%)
On Wednesday, the Bank Nifty turned volatile and briefly dipped below the key 43,500 level. However, it made a smart recovery from the lower levels towards the end of the session and regained some of the lost ground. The index's ability to hold above 43,500 showed resilience in the face of selling pressure.
IndusInd Bank (+1.3%) and Punjab National Bank (+0.6%) advanced the most among banking stocks. Kotak Mahindra Bank (-1.9%) and ICICI Bank (-0.7%) were the top losers.
The Bank Nifty's options expiring on 18 May have significant positions at the 44,000 and 44,500 calls and 43,500 and 43,000 puts.
According to options data and OI analysis, Bank Nifty's range for the 25th May expiry is between 43,000 and 44,400. On the other hand, 43,400 and 44,200 is the short-term range for this week.
FII and DII Data💰
In the cash market, Foreign Institutional Investors (FIIs) bought shares worth ₹149 crore, while Domestic Institutional Investors (DIIs) sold shares worth ₹203 crore. In the derivatives market, FIIs sold index futures and options worth ₹529 crore and ₹889 crore. Further, they sold stock futures worth ₹1,725 crore and bought stock options worth ₹481 crore.
India VIX
The volatility index slipped 1.4% to 13.11.
Stock Action📊
Long build-up was seen in Exide Industries, Jubilant FoodWorks, Ramco Cements, Escorts and Chambal Fertilisers.
Short build-up was seen in LIC Housing Finance, Oberoi Realty, Jindal Steel and Power, Vodafone-Idea and RBL Bank.
Under F&O Ban: Punjab National Bank, Delta Corp, GNFC, Manappuram Finance, Balrampur Chini Mills, ABFRL and LIC Housing Finance.