Asian Markets Update 7 am
Indian equities may start the day flat to negative, as the SGX Nifty indicates. The futures contract on the Singapore Exchange is trading 6 (-0.03%) points lower. Its Asian peers are trading in the red. The Nikkei 225 declined 0.3%, while Hong Kong's Hang Seng index fell 0.6%.
US market update
US markets took a breather on Friday and settled with modest cuts. Dow Jones fell 0.3% while NASDAQ declined 0.6%.
Index Action
Nifty50
June Futures @ 18,893 📈▲147 (+0.7%)
OI Contracts: 2,03,735 (+4.0%)
After two failed attempts, the Nifty50 broke out of its resistance level of 18,800 on Friday and settled three-quarters of a per cent higher. The index surged sharply in the second half of the session and came within striking distance of the all-time high level. Except for IT and Realty, all other sectoral indices ended green.
The Nifty50 options expiring on 22 June have significant positions at 18,800 and 19,000 calls and 18,700 and 18,800 puts.
According to options data and OI analysis, the Nifty50 range for the 29th June expiry is between 18,500 and 19,200. On the other hand, 18,700 and 18,900 are the immediate support and resistance levels for this week.
Bank Nifty
June Futures @ 44,023 📈▲453 (+1.0%)
OI Contracts: 92,580 (-6.8%)
Bank Nifty recovered nearly all of Thursday's lost ground and closed with gains of over 1%. The banking index crossed above its 20 DMA during the session but closed just below it. The index's breadth was strong, with all 12 stocks ending higher.
IDFC First Bank (+3.4%) and Bandhan Bank (+2.8%) were the top gainers among banking stocks.
The Bank Nifty's options expiring on 22 June have significant positions at the 44,000 and 44,500 calls and 44,000 and 43,500 puts.
According to options data and OI analysis, Bank Nifty's range for the 29th June expiry is between 43,200 and 44,800. On the other hand, 43,500 and 44,500 are this week's immediate support and resistance levels.
FII and DII Data💰
In the cash market, Foreign Institutional Investors (FIIs) bought shares worth ₹794 crore, while Domestic Institutional Investors (DIIs) bought shares worth ₹681 crore. In the derivatives market, FIIs bought index futures worth ₹1,181 crore and sold index options worth ₹2,476 crore. Further, they bought stock futures worth ₹2,034 crore and bought stock options worth ₹253 crore.
India VIX
The volatility index declined 0.2% to 10.84.
Stock Action📊
Long build-up was seen in Oracle Financial Services, HDFC AMC, LTI Mindtree, Metropolis and Ashok Leyland.
Short build-up was seen in NMDC, TCS, Tech Mahindra, PVR Inox and Bajaj Auto.
Under F&O Ban: Delta Corp, Indiabulls Housing Finance, IEX, India Cements, L&T Finance, Manappuram, Tata Chemicals 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.