Asian Markets Update 7 am
Indian equities may start the day negative, as the GIFT Nifty indicates. The futures contract on the NSE International Exchange (NSE IX) is trading 43 (-0.2%) points lower. Its Asian peers are trading mixed. The Nikkei 225 advanced 1.2%, while Hong Kong's Hang Seng index fell 1.4%.
US market update
US markets ended a volatile session on a mixed note. Dow Jones rose for the tenth straight day and settled flat with a positive bias, up by 2 points, while NASDAQ fell 0.2%.
Index Action
NIFTY50
July Futures @ 19,806 📉▼163 (-0.8%)
OI Contracts: 1,98,668 (-7.5%)
The Nifty50 snapped its six-day winning streak and settled lower on Friday. With deep cuts in IT stocks and outflows by foreign portfolio investors, the index lost more than a per cent and settled below 19,800. With this dip, the RSI on daily charts has eased below the overheating level of 80. The PCR, however, continues to hover at the overstretched level of nearly 1.4.
Among major companies, Canara Bank, Tata Steel, and TVS Motor will announce their earnings today.
The Nifty50 options expiring on 27 July have significant positions at 20,000 and 19,900 calls and 19,800 and 19,500 puts.
According to options data and OI analysis, the Nifty50's range for the 31st August expiry is between 19,300 and 20,600 levels. On the other hand, 19,550 and 20,000 are this week's immediate support and resistance levels.
BANK NIFTY
July Futures @ 46,170 📈▲18 (+0.04%)
OI Contracts: 1,42,085 (-6.7%)
The Bank Nifty outperformed the Nifty 50 but ended in red. The banking index rebounded from lower levels and closed above 46,000 but with nearly a quarter of a per cent cuts. The index's breadth was marginally negative, with 7 out of the 12 stocks ending in red.
Bandhan Bank (+3.0%) and IDFC First Bank (+1.7%) were the top gainers among banking index stocks. Punjab National Bank (-1.9%) and Federal Bank (-1.9%) were the top laggards.
The Bank Nifty's options expiring on 27 July have significant positions at the 46,000 and 46,500 calls and 46,000 and 45,000 puts.
According to options data and OI analysis, Bank Nifty's range for the 31st August expiry is between 44,800 and 47,400. On the other hand, 45,400 and 46,600 are the immediate support and resistance levels for this week.
FII and DII Data**💰
In the cash market, the Foreign Institutional Investors (FIIs) sold shares worth ₹1,998 crore, while the Domestic Institutional Investors (DIIs) bought shares worth ₹1,290 crore. In the derivatives market, FIIs sold index futures worth ₹1,414 crore and bought index options worth ₹13,837 crore. Further, they sold stock futures worth ₹355 crore and bought stock options worth ₹589 crore.
India VIX
The volatility index fell 2.5% and settled at 11.49.
Stock Action📊
The long build-up was seen in Mphasis, Indiamart Intermesh, Sun TV, Ashok Leyland and Larsen & Toubro.
The short build-up was seen in Ultratech Cement, Metropolis, Dixon Technologies, Vedanta and Persistent Systems.
Under F&O Ban: Balrampur Chini, Delta Corp, Indiabulls Housing Finance, L&T Finance, Manappuram, 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.