Asian Markets Update @ 7 am
The SGX Nifty is trading 46 (+0.2%) points higher than its last close, indicating a positive start for the Nifty50 today. Major Asian markets are trading in the red. Hong Kong's Hang Seng Index declined 0.3%, while Japan's Nikkei 225 is closed on account of a public holiday.
Global Market Update
US equities ended mixed after the minutes of the Federal Reserve's February meeting pointed to continued rate hikes to combat sticky inflation.
The Dow Jones declined 0.2%, while S&P 500 slipped 0.1%. The technology-heavy Nasdaq Composite was an outlier, edging up 0.1%.
Index Action
Nifty50
March Futures @ 17,664 📉▼282 (-1.5%)
OI Contracts: 1,33,505 (+51%)
Amid weak cues from global markets, the Nifty50 opened lower and continued to slide throughout the day. It found support at the 17,500 level and closed near the day's low.
With all major sectoral indices closing in the red, heavy cuts were seen in Metal (-2.6%) and PSU Bank (-1.9%). All eyes will now be on the 200 DMA which stands at 17,350.
The Nifty 50 options contracts expiring on 23 February have significant positions at the 17,700 and 17,800 calls and the 17,500 and 17,400 puts.
As per options data and OI analysis, the Nifty50’s broad range for the 29th March expiry is between 17,000 and 18,100. On the other hand, 17,400 and 17,700 is the short-term range for the current week.
Bank Nifty
March Futures: 40,263 📉▼698 (-1.7%)
OI Contracts: 69,945 (+53%)
The Bank Nifty opened on a negative note, falling below the psychologically important 40,000 level. PSU banks continued their slide and private banks also came under pressure. The banking index fell 1.6% to 39,995, correcting more than 1,900 points from the 16 February high.
All the 12 stocks of the banking index ended lower, with Punjab National Bank (-2.5%) and IDFC FIrst Bank (-2.2%) being the biggest laggards.
The Bank Nifty’s options contracts expiring on 23 February have significant positions at the 40,000 and 41,500 calls and 39,000 and 40,000 puts.
As per options data and OI analysis, Bank Nifty’s range for the 29th March expiry is between 38,300 and 41,700. On the other hand, 39,600 and 40,400 is the short-term range for the current week.
FII and DII Data💰
The Foreign Institutional Investors (FIIs) sold shares worth ₹579 crore, while Domestic Institutional Investors (DIIs) bought shares worth ₹371 crore in the cash market. In the derivatives market, FIIs sold index futures worth ₹2,732 crore and bought index options worth ₹8,831 crore. Further, they sold stock futures worth ₹1,152 crore and bought stock options worth ₹297 crore.
India VIX
The India VIX continued its upward march for the fifth consecutive day, rising 11.2% to 15.59.
Stock Action📊
Long build-up was seen in Syngene International, Glenmark Pharma, Marico, Aurobindo Pharma and Persistent Systems.
Short build-up was seen in Sun TV, Jubilant FoodWorks, CONCOR, Adani Enterprises and Vedanta.
Under F&O Ban: Vodafone Idea.
*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.
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