Asian Markets Update 7 am
Indian equities may start the day flat to positive, as the GIFT Nifty indicates. The futures contract on the NSE International Exchange (NSE IX) is trading 11 (+0.06%) points higher. Its Asian peers are trading lower. The Nikkei 225 declined 0.2%, while Hong Kong's Hang Seng index fell 0.1%.
US market update
US markets ended mixed after gains in banking stocks offset the fall in Tesla and Netflix. Dow Jones rose for the ninth straight day, its longest winning streak since 2012, and gained 0.4%, while NASDAQ fell 2.1%.
Index Action
NIFTY50
July Futures @ 19,967 📈▲120 (+0.6%)
OI Contracts: 2,14,860 (+2.3%)
The Nifty50 moved up and closed higher for the sixth straight session. With contributions from most sectors, led by Pharma and FMCG, the index came within striking distance of the 20,000 level. The index continues to form higher high, higher low formations. However, on the daily chart, the RSI is approaching 80, historically considered as the overheating territory,
Among major companies, Ashok Leyland, DLF, HDFC Life, Reliance Industries, and Vedanta will announce their earnings today.
The Nifty50 options expiring on 27 July have significant positions at 20,000 and 19,800 calls and 19,800 and 19,900 puts.
According to options data and OI analysis, the Nifty50's range for the 31st August expiry is between 19,300 and 20,600 levels. On the other hand, 19,800 and 20,200 are this week's immediate support and resistance levels.
BANK NIFTY
July Futures @ 46,145 📈▲428 (+0.9%)
OI Contracts: 1,52,372 (+6.2%)
The Bank Nifty outperformed the Nifty 50 and ended in the green. The banking index moved past 46,000 and settled comfortably above it. Gains in both PSU banks and pvt banks contributed to the breakout in the banking index.
Among banking index stocks, Kotak Mahindra Bank (+2.6%) and ICICI Bank (+2.2%) were the top gainers. Bandhan Bank (-1.3%) and IDFC First Bank (-0.4%) were the top laggards.
The Bank Nifty's options expiring on 27 July have significant positions at the 46,000 and 46,500 calls and 46,000 and 45,500 puts.
According to options data and OI analysis, Bank Nifty's range for the 31st August expiry is between 44,800 and 47,400. On the other hand, 45,500 and 46,900 are the immediate support and resistance levels for this week.
FII and DII Data**💰
In the cash market, Foreign Institutional Investors (FIIs) bought shares worth ₹3,370 crore, while Domestic Institutional Investors (DIIs) sold shares worth ₹193 crore. In the derivatives market, FIIs bought index futures worth ₹996 crore and bought index options worth ₹40,977 crore. Further, they bought stock futures worth ₹1,981 crore and bought stock options worth ₹319 crore.
India VIX
The volatility index rose 1.6% and settled at 11.79.
Stock Action📊
Long build-up was seen in Indiamart Intermesh, ICICI Lombard, Balrampur Chini, Can Fin Homes and GAIL.
The short build-up was seen in ABB, Shree Cement, Siemens, MRF and BEL.
Under F&O Ban: Balrampur Chini, Delta Corp, Indiabulls Housing Finance, L&T Finance, Manappuram, Punjab National Bank 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.
Download the Upstox App Today