Asian Markets Update @ 7 am
The SGX Nifty is trading 40 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 0.3%.
Global Market Update
US stocks ended mixed as the investors weighed upbeat earnings from Microsoft and Alphabet against weaker-than-expected economic data. The Dow Jones declined 0.6% to close at 33,301. The S&P 500 fell 0.3% to 4,055, while the Nasdaq Composite advanced 0.4% to close at 11,854.
Index Action
Nifty50
April Futures @ 17,823 📈▲41 (+0.2%)
OI Contracts: 1,33,355 (-7.9%)
The Nifty recovered its early dip and ended near the day's high point. Most sectors gained, helping the index cross and close above 17,800. Nifty is once again staring at the resistance level of 17,850, which is close to the near-term high and the high of a bearish engulfing pattern on the daily and weekly charts. Bulls will again feel they are in command once this level is crossed successfully.
Sectorally, Realty (+1.3%) and Private Bank (+0.4%) were the top gainers, whereas Metal (-0.4%) and Oil & Gas (-0.03%) were the biggest laggards.
The Nifty50 options expiring on 27 April have significant positions at 18,000 and 17,900 calls and 17,700 and 17,800 puts.
According to options data and OI analysis, the Nifty50's long range for the 25th May expiry is between 17,200 and 18,300. On the other hand, 17,700 and 17,900 is the short-term range for this week.
Bank Nifty
April Futures @ 42,840 📈▲143 (+0.3%)
OI Contracts: 45,219 (-27.7%)
The Bank Nifty zoomed past 42,800 and closed above it. The banking index crossed the previous day's high but only by a small margin. The call option base at 43,000 for today's expiry indicates resistance at that level which is also close to the highest level for the Bank Nifty since the last week of January.
Among banking stocks, IndusInd Bank (+1.4%) and IndusInd Bank (+1.2%) were the biggest gainers, while AU Small Finance Bank (-2.5%) and Kotak Mahindra Bank (-0.5%) were the laggards.
The Bank Nifty's options expiring on 27 April have significant positions at the 43,000 and 42,900 calls and 42,500 and 42,600 puts.
According to options data and OI analysis, Bank Nifty's range for the 25th May expiry is between 41,500 and 44,100. On the other hand, 42,500 and 43,100 is the short-term range for this week.
FII and DII Data💰
The Foreign Institutional Investors (FIIs) bought shares worth ₹1,257 crore, while Domestic Institutional Investors (DIIs) sold shares worth ₹227 crore in the cash market. In the derivatives market, FIIs bought index futures worth ₹53 crore and bought index options worth ₹3,897 crore. Further, they sold stock futures worth ₹795 crore and bought stock options worth ₹49 crore.
India VIX
The fear gauge India VIX rose 1.1% to 11.65.
Stock Action📊
Long build-up was seen in ONGC, Gujarat Gas, GNFC, Siemens and Voltas.
Short build-up was seen in Ipca Labs, Cropmton Greaves, MCX, Tata Chemicals 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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