Asian Markets Update @ 7 am
The SGX Nifty is trading 11 (+0.06%) points higher than its last close, indicating a flat to positive start for the Nifty50 today. Major Asian markets are trading in the red. Japan's Nikkei 225 fell 0.2%, while Hong Kong's Hang Seng Index dropped 0.5%.
Index Action
Nifty50
February Futures: 17,867 📉▼84 (-0.4%)
OI Contracts: 1,68,038 (-8.1%)
The Nifty50 started the last week of the February series on a negative note and closed near the day's low. The index slipped below the crucial 17,900 level, dragged down by heavyweight banking stocks and Reliance Industries.
While the index initially traded in positive territory, it later slipped from the 18,000 mark and found support at its 20 EMA on its way downwards.
Among the major sectoral indices, IT (+0.5%) and Auto (+0.2%) were the top gainers, while Oil & Gas (-1.1%) and PSU Bank (-1.1%) were the top losers.
The Nifty 50 options contracts expiring on 23 February have significant positions at the 18,000 and 18,100 calls and the 17,500 and 17,600 puts.
As per options data and OI analysis, the Nifty50’s broad range for the 29th March expiry is between 17,200 and 18,400. On the other hand, 17,600 and 18,000 is the short-term range for the current week.
Bank Nifty
February Futures: 40,794 📉▼410 (-1.0%)
OI Contracts: 97,083 (-4.1%)
The Bank Nifty failed to capitalise on a positive start and faced resistance near the 43,000 mark. PSU and private banks both witnessed selling pressure, dragging the banking index lower to 40,700 at the close.
Except for Bandhan Bank (+0.2%), all the other stocks of the index ended lower. AU Small Finance Bank (-1.7%) and IDFC First Bank (-1.6%) were the biggest laggards.
The Bank Nifty’s options contracts expiring on 23 February have significant positions at the 42,000 and 41,500 calls and 40,500 and 40,000 puts.
As per options data and OI analysis, Bank Nifty’s range for the 29th March expiry is between 39,000 and 42,400. On the other hand, 40,200 and 41,200 is the short-term range for the current week.
FII and DII Data💰
The Foreign Institutional Investors (FIIs) sold shares worth ₹158 crore, while Domestic Institutional Investors (DIIs) bought shares worth ₹86 crore in the cash market. In the derivatives market, FIIs sold index futures worth ₹689 crore and bought index options worth ₹4,697 crore. Further, they bought stock futures worth ₹725 crore and bought stock options worth ₹242 crore.
India VIX
The India VIX rose for the third consecutive day and settled 2.2% higher at 13.38.
Stock Action📊
Long build-up was seen in Persistent Systems, Gujarat Gas, Shree Cement, Samvardhana Motherson and Ultratech Cement.
Short build-up was seen in Dalmia Bharat, Vodafone Idea, IDFC First Bank, Cipla and Maruti Suzuki.
*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.