Asian Markets Update 7 am
Indian equities may start the day negative, as the SGX Nifty indicates. The futures contract on the Singapore Exchange is trading 34 (-0.1%) points lower. Its Asian peers are trading in the red. The Nikkei 225 declined 0.3%, while Hong Kong's Hang Seng index was shut on account of a public holiday.
US market update
US markets ended lower after the Fed Chairman told Congress to expect more rate hikes this year. Dow Jones declined 0.3%, whereas the NASDAQ fell 1.2%.
Index Action
Nifty50
June Futures @ 18,899 📈▲35 (+0.1%)
OI Contracts: 1,88,951 (-2.5%)
After another failed attempt at the new record high level, the Nifty50 settled higher for the second straight day. It was a volatile session, with the index slipping below the 18,800 level but regaining the lost ground and closing with gains of nearly a quarter per cent. Ahead of today's expiry, the index continued to rise steadily within its upward-sloping channel.
The Nifty50 options expiring on 22 June have significant positions at 19,000 and 18,900 calls and 18,800 and 18,700 puts.
According to options data and OI analysis, the Nifty50's range for the 29th June expiry is between 18,600 and 19,100 levels. On the other hand, 18,750 and 18,950 are the immediate support and resistance levels for this week.
Bank Nifty
June Futures @ 43,945 📈▲81 (+0.1%)
OI Contracts: 92,085 (-0.1%)
Bank Nifty recovered from the 43,700 level and settled in the green. The banking index continues to face resistance at its 20 DMA, near the 44,000 level. The index's breadth was negative, with 7 out of the 12 stocks ending in red.
Punjab National Bank (+1.8%) and HDFC Bank (+1.0%) were the top gainers among banking stocks. AU Small Finance Bank (-2.3%) and Bandhan Bank (-2.1%) 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 43,700 puts.
According to options data and OI analysis, Bank Nifty's range for the 29th June expiry is between 43,200 and 44,400. On the other hand, 43,500 and 44,100 are this week's immediate support and resistance levels.
FII and DII Data💰
In the cash market, Foreign Institutional Investors (FIIs) bought shares worth ₹4,013 crore, while Domestic Institutional Investors (DIIs) bought shares worth ₹550 crore. In the derivatives market, FIIs bought index futures worth ₹212 crore and sold index options worth ₹6,394 crore. Further, they sold stock futures worth ₹817 crore and bought stock options worth ₹326 crore.
India VIX
The volatility index advanced 1.4% to 11.29.
Stock Action📊
The long build-up was seen in Shriram Finance, Piramal Enterprises, Zee Entertainment, Indus Towers and Power Grid.
The short build-up was seen in Shree Cement, Bandhan Bank, GAIL, Gujarat Gas, SRF and Granules.
Under F&O Ban: BHEL, Delta Corp, Hindustan Aeronautics, Hindustan Copper, L&T Finance and Punjab National 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.