Asian Markets Update @ 7 am
The SGX Nifty is trading 32 points (-0.2%) lower compared to its last close, indicating a flat to a negative start for the Nifty50 today. Major Asian markets are trading in the red. Japan's Nikkei 225 declined 0.4%, while Hong Kong's Hang Seng fell 0.2%.
Global Market Update
US stocks ended sharply lower, led by a slump in Tech and banking stocks after earnings from First Republic Bank renewed worries over regional banks' crisis. The Dow Jones declined 1.0% to close at 33,530. The S&P 500 fell 1.5% to 4,071, while the Nasdaq Composite dropped 1.9% to close at 11,799.
Index Action
Nifty50
April Futures @ 17,776 📈▲12 (+0.0.7%)
OI Contracts: 1,44,904 (-18.8%)
The Nifty built on its positive opening propelled by PSU Bank and Oil & Gas stocks. With the monthly expiry just one day away, the index held on to its support zone of 17,650 and breached 17,800 during the day. On the upside, the 100-DMA near 17,850 remains a hurdle for the index to cross for bulls to be in command of the rally.
Sectorally, PSU Bank (+1.3%) and Oil & Gas (+0.7%) were the top gainers, whereas Media (-0.7%) and Financial Services (-0.1%) were the biggest laggards.
The Nifty50 options expiring on 27 April have significant positions at 18,000 and 17,800 calls and 17,700 and 17,600 puts.
According to options data and OI analysis, the Nifty50's long range for the 25th May expiry is between 17,100 and 18,200. On the other hand, 17,650 and 17,850 is the short-term range for this week.
Bank Nifty
April Futures @ 42,660 📈▲7 (+0.02%)
OI Contracts: 62,552 (-29.5%)
The Bank Nifty surged past 42,800 after a strong start but witnessed a sharp slide in the second half and ended with one-tenth of a per cent gains. Profit-booking in large private banks put pressure on the banking index, while gains in PSU Banks helped it close in the green.
Among banking stocks, Bank of Baroda (+2.1%) and IndusInd Bank (+1.7%) were the biggest gainers, while HDFC Bank (-1.4%) and AU Small Finance Bank (-0.5%) were the laggards.
The Bank Nifty's options expiring on 27 April have significant positions at the 43,000 and 42,800 calls and 42,500 and 42,000 puts.
According to options data and OI analysis, Bank Nifty's range for the 25th May expiry is between 41,400 and 44,000. On the other hand, 42,400 and 43,000 is the short-term range for this week.
FII and DII Data💰
The Foreign Institutional Investors (FIIs) sold shares worth ₹407 crore, while Domestic Institutional Investors (DIIs) bought shares worth ₹563 crore in the cash market. In the derivatives market, FIIs bought index futures worth ₹527 crore and sold index options worth ₹14,797 crore. Further, they bought stock futures worth ₹1,705 crore and bought stock options worth ₹210 crore.
India VIX
The fear gauge India VIX fell 1.2% to 11.52.
Stock Action📊
The long build-up was seen in ONGC, Bharti Airtel, REC, Britannia and Bajaj Finserv.
The short build-up was seen in Crompton Greaves, Ipca Labs, M&M Financial Services, Axis Bank and Gujarat Gas.
*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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