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 19(-0.1%) points lower. Its Asian peers are trading mixed. The Nikkei 225 advanced 0.8%, while Hong Kong's Hang Seng index fell 0.7%.
US Market Update
US markets ended mixed due to a jump in Treasury yields and a rise in property troubles in China. Dow Jones gained 0.07% while NASDAQ fell 0.02%.
Index Action
NIFTY50
August Futures @ 19,316📉▼77 (-0.4%)
OI Contracts: 2,11,589 (-4.7%)
With the backdrop of global jitters, the Nifty50 gave up its early gains and fell to 19,300. The range for the index has shifted lower; from 19,700-19,500 to 19,300. The index is still holding above its 50DMA near 19,300 but this will remain a key level for the index to watch out for in the coming days.
The Nifty50 options expiring on 24 August have significant positions at 19,400 and 19,500 calls and 19,300 and 19,400 puts.
According to options data and OI analysis, the Nifty50's range for the 31st August expiry is between 19,000 and 19,800 levels. On the other hand, 19,200 and 19,600 are the immediate support and resistance levels for this week.
BANK NIFTY
August Futures @ 43,932 📉▼115 (-0.2%)
OI Contracts: 1,37,879 (-2.1%)
Bank Nifty recovered and rebounded from its 100 DMA after opening lower. The banking faced resistance near the 44,000 level and ended with marginal cuts. The index's breadth, too, was marginally negative, with 7 out of the 12 stocks ending lower.
Among banking index stocks, AU Small Finance Bank (+1.8%) and Bank of Baroda (+0.9%) were the top gainers. Kotak Mahindra Bank (-0.8%) and Punjab National Bank (-0.7%) were the top laggards.
The Bank Nifty's options expiring on 24 August have significant positions at the 44,000 and 44,500 calls and 43,800 and 43,500 puts.
According to options data and OI analysis, Bank Nifty's range for the 31st August expiry is between 43,000 and 44,700. On the other hand, 43,300 and 44,300 are this week's immediate support and resistance levels.
NIFTY FINANICAL SERVICES
August Futures @ 19,502 📉▼111 (-0.5%)
OI Contracts: 2,247 (+1.2%)
The FINNIFTY had a volatile session and took support near its 100 DMA. The FINNIFTY's options expiring on 22 August have significant positions at the 19,800 and 19,700 calls and 19,200 and 19,000 puts.
According to options data and OI analysis of contracts expiring on 8th August, FINNIFTY's immediate support and resistance levels are at 19,300 and 19,700.
FII and DII Data**💰
In the cash market, the Foreign Institutional Investors (FIIs) sold shares worth ₹266 crore, while the Domestic Institutional Investors (DIIs) bought shares worth ₹339 crore. In the derivatives market, FIIs bought index futures worth ₹1,071 crore and sold index options worth ₹499 crore. Further, they sold stock futures worth ₹2,124 crore and bought options worth ₹64 crore.
India VIX
The volatility index declined 0.8% and settled at 12.14.
Stock Action📊
Long build-up was seen in Escorts Kubota, JK Cement, Bharat Forge, ACC and Adani Enterprises.
The short build-up was seen in Manappuram, Metropolis, United Breweries, Wipro and IEX.
Under F&O Ban:Chambal Fertilisers, Delta Corp, GNFC, Granules, Hindustan Copper, Indiabulls Housing Finance, India Cements, Manappuram, PNB, SAIL 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.
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