Asian Markets Update @ 7 am
The SGX Nifty is trading higher by 75 (+0.4%) points from its previous close, indicating a positive start for the Nifty50 today. Major Asian markets are also trading in the green. Japan's Nikkei 225 gained 1.3%, while Hong Kong's Hang Seng index is shut on account of the Chinese New Year holiday.
Global Markets Update
US stocks closed higher on Friday as tech stocks continued their outperformance. The Dow Jones gained 0.7%, while the S&P 500 climbed 1.1%. The tech-heavy Nasdaq Composite was up 2.0%.
Index Action
Nifty50
January Futures: 18,150 📈▲95 (+0.5%)
OI Contracts: 1,76,626 (-15%)
The Nifty50 index broke its two-day losing streak and closed Monday’s session in the green. Riding on positive global cues and gains in IT and banking stocks, the index registered gains of 0.5% and closed above its 20-DMA.
Among major sectoral indices, IT (+1.8%) and Pharma (+0.9%) gained the most, while Realty (-0.6%) and Metal (-0.4%) witnessed selling pressure.
Nifty50’s options contracts expiring on 25 January have sizable positions at 18,100 and 18,200 call options and 18,100 and 18,000 put options.
As per options data and OI analysis, the broad range for the Nifty50 is between 17,300 and 18,600 levels. On the other hand, 18,000 and 18,300 are the critical levels to watch for the current week.
Bank Nifty
January Futures: 42,845 📈▲ 303 (+0.7%)
OI Contracts: 51,040 (-17.6%)
The Bank Nifty continued to outperform the Nifty50 and touched a high of 43,005 during the day before settling lower. The index gained 0.7% to close just above the 42,800-mark.
Among banking stocks, Bandhan Bank (+4.5%) and AU Small Finance Bank (+3.9%) were the top gainers, while Punjab National Bank (0.2%) and IDFC First Bank (-0.08%) were the top losers.
Bank Nifty’s options contracts expiring on 25 January have sizable positions at 43,000 and 44,000 call options and 42,000 and 42,500 put options.
As per options data and OI analysis, the broad range for the Bank Nifty is between 41,500 and 44,000 levels. On the other hand, 42,500 and 43,200 are the critical levels to watch for the current week.
FII and DII Data**💰
The Foreign Institutional Investors (FIIs) sold shares worth ₹219 crore, while Domestic Institutional Investors (DIIs) bought shares worth ₹434 crore in the cash market. In the derivatives market, FIIs bought index futures worth ₹858 crore and bought index options worth ₹6,395 crore. Further, they bought stock futures worth ₹2,239 crore and sold stock options worth ₹74 crore.
India VIX
The India VIX, which measures the implied volatility of Nifty50 options, fell 1.2% to 13.62.
Stock Action📊
Long build-up was seen in Persistent Systems, ONGC, Coforge, Can Fin Homes and GAIL.
Short build-up was seen in JK Cement, Shree Cement, Atul Ltd, Ultratech Cement and Navin Fluorine.
Under F&O Ban: Delta Corp, L&T Finance and PVR.
*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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