Asian Markets Update 7 am
Indian equities may start the day positive, as the GIFT Nifty indicates. The futures contract on the NSE International Exchange (NSE IX) is trading 17 (+0.09%) points higher. Its Asian peers are trading higher. The Nikkei 225 advanced 0.3%, while Hong Kong's Hang Seng index gained 0.9%.
US Market Update
US markets ended higher amidst a revival in tech stocks. Dow Jones advanced 0.5% while NASDAQ gained 1.5%.
Index Action
August Futures @ 19,431📈▲45 (+0.2%)
OI Contracts: 1,99,177 (-0.6%)
Ahead of today's weekly options expiry, the Nifty50 erased early losses and rose steadily to close above 19,400. The index took support near its 50 DMA and is now less than 100 points away from its 20 DMA. Rebound in Banking and financial stocks led the rise while pressure in FMCG and Oil and gas stocks kept the upside in check.
The Nifty50 options expiring on 24 August have significant positions at 19,500 and 19,600 calls and 19,400 and 19,00 puts.
According to options data and OI analysis, the Nifty50 range for the 31st August expiry is between 19,000 and 19,800. On the other hand, 19,300 and 19,600 are this week's immediate support and resistance levels.
August Futures @ 44,550 📈▲461 (+1.0%)
OI Contracts: 1,25,669 (+2.6%)
Bank Nifty zoomed to the 44,500 level and settled just below it, with gains of over 1%. The banking index outperformed the Nifty50 on a sharp rebound by heavy-weight banking stocks. Both PSU and private banks contributed to the rise of the banking index.
Federal Bank (+4.1%) and Axis Bank (+2.3%) were the top gainers among banking index stocks. IndusInd Bank (-0.01%) was the only laggard.
The Bank Nifty's options expiring on 24 August have significant positions at the 44,500 and 45,000 calls and 44,000 and 44,300 puts.
According to options data and OI analysis, Bank Nifty's range for the 31st August expiry is between 43,500 and 45,000. On the other hand, 44,000 and 44,700 are this week's immediate support and resistance levels.
Nifty Financial Services
August Futures @ 19,761 📈▲172 (+0.8%)
OI Contracts: 2,281 (-17.8%)
The FINNITY took support near its 100 DMA and settled with gains of nearly a per cent. The FINNIFTY's options expiring on 29 August have significant positions at the 20,000 and 19,800 calls and 19,600 and 19,500 puts.
According to options data and OI analysis of contracts expiring on 8 August, FINNIFTY's immediate support and resistance levels are at 19,600 and 20,000.
FII and DII Data
In the cash market, the Foreign Institutional Investors (FIIs) bought shares worth ₹614 crore, while the Domestic Institutional Investors (DIIs) bought shares worth ₹125 crore. In the derivatives market, FIIs bought index futures worth ₹504 crore and sold index options worth ₹6,783 crore. Further, they bought stock futures worth ₹1,418 crore and sold options worth ₹92 crore.
India VIX
The volatility index declined 0.1% and settled at 11.73.
Stock Action
Long build-up was seen in Sun TV, Hindustan Aeronautics, GMR Airports, RBL bank and Canara Bank.
Short build-up was seen in ONGC, Indiamart, BPCL, Sun Pharma and Dabur.
Under F&O Ban:BHEL, Delta Corp, Escorts Kubota, GNFC, Hindustan Copper, Indiabulls Housing Finance, India Cements, Manappuram, Metropolis, PNB and Sun TV.
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