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 10 (-0.05%) points lower. Its Asian peers are trading mixed. The Nikkei 225 advanced 0.1%, while Hong Kong's Hang Seng index fell 1.6%.
US market update
US markets hit a pause on the rally and ended lower ahead of the Fed Chairman's testimony before Congress later today. Dow Jones declined 0.7%, whereas the NASDAQ fell 0.1%.
Index Action
Nifty50
June Futures @ 18,877 📈▲36 (+0.2%)
OI Contracts: 1,98,917 (-0.1%)
After a day's pause, the Nifty50 resumed its winning ways and regained the 18,800 level. The index slipped to the 18,650 level but quickly recovered, settling with one-third of a per cent gain. The index re-entered the upward-sloping channel after briefly falling below it during the day.
The Nifty50 options expiring on 22 June have significant positions at 19,000 and 18,900 calls and 18,700 and 18,800 puts.
According to options data and OI analysis, the Nifty50's range for the 29th June expiry is between 18,500 and 19,100 levels. On the other hand, 18,650 and 18,900 are the immediate support and resistance levels for this week.
Bank Nifty
June Futures @ 43,879 📈▲91 (+0.2%)
OI Contracts: 92,766 (+1.6%)
Bank Nifty slipped in the initial hour of trade and took support near its support level of 43,300, where the 50 DMA also coincided. Led by gains in private banks, the recovery picked up pace in the second half, and the index settled with gains of over a quarter of a per cent.
IDFC First Bank (+1.8%) and Kotak Mahindra Bank (+1.0%) were the top gainers among banking stocks. AU Small Finance Bank (-1.1%) and Bandhan Bank (-1.1%) were the top laggards.
The Bank Nifty's options expiring on 22 June have significant positions at the 44,000 and 44,500 calls and 43,500 and 43,000 puts.
According to options data and OI analysis, Bank Nifty's range for the 29th June expiry is between 43,000 and 44,400. On the other hand, 43,300 and 44,200 are this week's immediate support and resistance levels.
FII and DII Data💰
In the cash market, the Foreign Institutional Investors (FIIs) sold shares worth ₹1,942 crore, while the Domestic Institutional Investors (DIIs) bought shares worth ₹1,972 crore. In the derivatives market, FIIs bought index futures worth ₹369 crore and sold index options worth ₹26,288 crore. Further, they sold stock futures worth ₹326 crore and bought stock options worth ₹173 crore.
India VIX
The volatility index declined 0.8% to 11.13.
Stock Action📊
The long build-up was seen in Hindustan Copper, HDFC AMC, HCL Tech, Metropolis and Bosch.
The short build-up was seen in Alkem Labs, Ashok Leyland, Bharat Forge, Bajaj Finserv and Maruti Suzuki.
Under F&O Ban: BHEL, Delta Corp, Hindustan Aeronautics, Hindustan Copper, Indiabulls Housing Finance, India Cements and L&T Finance.
*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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