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 6 (-0.03%) points lower. Its Asian peers are trading mixed. The Nikkei 225 advanced 0.8%, while Hong Kong's Hang Seng index declined 1.3%.
US market update
US markets ended higher as investors cheered better-than-expected quarterly results from major banks. Dow Jones clocked its longest winning streak since March 2021, gaining 1.0%, while NASDAQ rose 0.7%.
Index Action
NIFTY50
July Futures @ 19,773 📈▲51 (+0.2%)
OI Contracts: 2,15,542 (-0.5%)
The Nifty50 extended its run and hit 19,800 before slipping lower. Strength in IT stocks and index heavyweight Reliance Industries contributed to the index settling with nearly one-fifth of a per cent gains. Nifty50 PCR also cooled off from overheating territories of 1.5 to 1.2.
Among major companies, Can Fin Homes and L&T Finance will announce their earnings today.
The Nifty50 options expiring on 20 July have significant positions at 20,000 and 19,800 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 @ 45,461 📉▼43 (-0.1%)
OI Contracts: 1,47,509 (-9.0%)
The Bank Nifty hit a fresh all-time high level of 45,900 and dipped sharply. The banking index took support near 45,400 and ended with modest cuts nearly one-tenth of a per cent.
Federal Bank (+1.7%) and ICICI Bank (+0.7%) were the top gainers among banking index stocks. Bank of Baroda (-1.7%) and SBI (-1.4%) 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 ₹2,115 crore, while Domestic Institutional Investors (DIIs) sold shares worth ₹1,317 crore. In the derivatives market, FIIs bought index futures worth ₹500 crore and sold index options worth ₹11,307 crore. Further, they sold stock futures worth ₹544 crore and sold stock options worth ₹143 crore.
India VIX
The volatility index rose 3.4% and settled at 11.71.
Stock Action📊
The long build-up was seen in Polycab, Havells, Infosys, Dr Lal Pathlabs and BHEL.
The short build-up was seen in Titan, Mahanagar Gas, Punjab National Bank, Petronet LNG and HDFC Life.
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.