Asian Markets Update @ 7 am
The SGX Nifty is trading 17 points (+0.1%) higher compared to its last close, indicating a flat to a positive start for the Nifty50 today. Major Asian markets are trading in the red. Japan's Nikkei 225 slipped 0.1%, while Hong Kong's Hang Seng dropped 0.6%.
Global Market Update
US stocks closed lower on Thursday after companies like Tesla and AT&T reported weaker-than-expected earnings, falling over 9% each. The Dow Jones declined 0.3% to close at 33,786. The S&P 500 fell 0.5% to 4,129, while the Nasdaq Composite tumbled 0.8% to close at 12,059.
Index Action
Nifty50
April Futures @ 17,655 📈▲5 (+0.03%)
OI Contracts: 1,85,183 (+0.08%)
The Nifty snapped its three-day losing streak but remained indecisive ahead of Reliance Industries' results announcement today. The index surrendered its opening gains and breached the 17,600 level. With a late recovery, the index respected its 200-DMA moving average for the third session and ended with a mild positive bias.
Sectorally, Private Banks (+0.3%) and Auto (+0.2%) were the top gainers, whereas Pharma (-1.1%) and Realty (-0.4%) were the biggest laggards.
The Nifty50 options expiring on 27 April have significant positions at 17,700 and 18,000 calls and 17,700 and 17,000 puts.
According to options data and OI analysis, the Nifty50's long range for the 25th May expiry is between 17,100 and 18,100. On the other hand, 17,400 and 17,800 is the short-term range for this week.
Bank Nifty
April Futures @ 42,270 📈▲91 (+0.2%)
OI Contracts: 95,316 (+3.1%)
The Bank Nifty slipped to the 42,100 level but rebounded in the second half to close in the green. Private banks led the recovery while the PSU Banks faced pressure at higher levels. The index will look at ICICI Bank results for a directional move over the weekend.
Among banking stocks, Bandhan Bank (+0.4%) and SBI (+0.8%) were the biggest gainers, while Axis Bank (-0.5%) and Kotak Mahindra Bank (-0.05%) were the only laggards.
The Bank Nifty's options expiring on 27 April have significant positions at the 43,000 and 42,500 calls and 42,000 and 41,500 puts.
According to options data and OI analysis, Bank Nifty's range for the 25th May expiry is between 40,800 and 43,600. On the other hand, 41,700 and 42,900 is the short-term range for this week.
FII and DII Data💰
The Foreign Institutional Investors (FIIs) sold shares worth ₹1,169 crore, while Domestic Institutional Investors (DIIs) bought shares worth ₹832 crore in the cash market. In the derivatives market, FIIs bought index futures worth ₹475 crore and sold index options worth ₹8,131 crore. Further, they bought stock futures worth ₹913 crore and stock options worth ₹157 crore.
India VIX
The fear gauge India VIX rose 0.5% to 12.15.
Stock Action📊
Long build-up was seen in City Union Bank, Trent, IDFC, Marico and Delta Corp.
Short build-up was seen in Coforge, Chambal Fertilisers, L&T Technology Services, Zee Entertainment, Dalmia Bharat and HUL.
*In Futures and Options or F&O, long build-up means an increase in Open Interest (OI) along 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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