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 5 (+0.03%) points higher. Its Asian peers are trading higher. The Nikkei 225 advanced 0.7%, while Hong Kong's Hang Seng index gained 0.5%.
US Market Update
US markets ended mixed as weakness in consumer stocks offset gains in tech stocks. Dow Jones declined 0.1% while NASDAQ advanced 1.5%.
Index Action
NIFTY50
August Futures @ 19,399📈▲67 (+0.3%)
OI Contracts: 2,03,737 (-3.7%)
Following a flat start, the Nifty50 bounced from its 50 DMA and gained momentum through the day. The index dipped from a higher level and settled just below 19,400 due to the mild pullback in the last hour of trade. Investors will eye the 20 DMA, close to 19,550, as the near-term hurdle for the index.
The Nifty50 options expiring on 24 August have significant positions at 19,400 and 19,500 calls and 19,300 and 19,200 puts.
According to options data and OI analysis, the Nifty50 range for the 31st August expiry is between 19,000 and 19,700. On the other hand, 19,250 and 19,550 are this week's immediate support and resistance levels.
BANK NIFTY
August Futures @ 44,116 📈▲151 (+0.3%)
OI Contracts: 1,22,796 (-10.9%)
Bank Nifty zoomed past 44,000 during the day and settled marginally above this psychologically crucial level. Recovery in private banks led to a surge in the banking index, whereas the pressure in PSU banks kept the upside in check.
IndusInd Bank (+1.9%) and Axis Bank (+1.0%) were the top gainers among banking index stocks. Bank of Baroda (-0.4%) 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 44,000 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, 43,600 and 44,400 are this week's immediate support and resistance levels.
NIFTY FINANICAL SERVICES
August Futures @ 19,613 📈▲88 (+0.4%)
OI Contracts: 2,373(+5.6%)
Despite some giving up some of its gains in the closing session of trade, the FINNIFTY settled higher by nearly half a per cent. The FINNIFTY's options expiring on 22 August have significant positions at the 19,800 and 19,600 calls and 19,500 and 19,400 puts.
According to options data and OI analysis of contracts expiring on 8th August, FINNIFTY's immediate support and resistance levels are at 19,450 and 19,750.
FII and DII Data
In the cash market, the Foreign Institutional Investors (FIIs) sold shares worth ₹ 1,901 crore, while the Domestic Institutional Investors (DIIs) bought shares worth ₹626 crore. In the derivatives market, FIIs bought index futures worth ₹211 crore and sold index options worth ₹8,580 crore. Further, they bought stock futures worth ₹2,077 crore and sold options worth ₹159 crore.
India VIX
The volatility index declined 1.4% and settled at 11.96.
Stock Action📊
Long build-up was seen in Bharat Forge, Dixon Technologies, NTPC, GMR Airports and Adani Ports.
Short build-up was seen in Indian Hotels, Reliance Industries, PVR Inox, HDFC AMC and SBI Life.
Under F&O Ban:Chambal Fertilisers, Delta Corp, GNFC, Hindustan Copper, Indiabulls Housing Finance, India Cements, Manappuram, Metropolis, 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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