Asian Markets Update @ 7 am
The SGX Nifty is trading 56 points (+0.3%) higher compared to its last close, indicating a positive start for the Nifty50 today. Major Asian markets are trading in the green. Japan's Nikkei 225 advanced 0.3%, while Hong Kong's Hang Seng rose 0.6%.
Global Market Update
US stocks rallied on Thursday, and the Dow Jones posted its biggest one-day gain since January as Meta led a slew of mostly better-than-expected quarterly earnings from corporates, stoking bullish bets on stocks. The Dow Jones advanced 1.5% to close at 33,826. The S&P 500 rose 1.9% to 4,135, while the Nasdaq Composite gained 2.4% to close at 12,142.
Index Action
Nifty50
April Futures @ 17,991 📈▲99 (+0.5%)
OI Contracts: 1,64,160 (+44.9%)
The Nifty broke above 100-DMA for the first time since mid-February and crossed above its resistance level of 17,850 after a few failed recent attempts. The index made higher highs for the last four sessions, and a breakout on the RSI charts will give a reason for bulls to cheer. Interestingly, the highest call option base for the 4 May weekly options contracts is at 18,700.
Sectorally, Realty (+1.5%) and IT (+1.0%) were the top gainers, whereas FMCG (-0.06%) was the only laggard.
The Nifty50 options expiring on 4 May have significant positions at 18,000 and 18,700 calls and 17,800 and 17,700 puts.
According to options data and OI analysis, the Nifty50's long range for the 25th May expiry is between 17,500 and 18,300. On the other hand, 17,700 and 18,100 is the short-term range for this week.
Bank Nifty
April Futures @ 43,000 📈▲104 (+0.2%)
OI Contracts: 88,259 (+45.4%)
With 9 out of the 12 banking stocks ending higher, the Bank Nifty settled in green at 43,000. The banking index is above its upward-sloping trendline and is very close to its early January highs near the 43,400 level.
Among banking stocks, Kotak Mahindra Bank (+1.6%) and Bandhan Bank (+1.3%) were the biggest gainers, while Federal Bank (-0.7%) and Axis Bank (-0.7%) were the laggards.
The Bank Nifty's options expiring on 4 May have significant positions at the 43,000 and 43,500 calls and 42,500 and 43,000 puts.
According to options data and OI analysis, Bank Nifty's range for the 25th May expiry is between 41,800 and 44,200. On the other hand, 42,400 and 43,600 is the short-term range for this week.
FII and DII Data💰
The Foreign Institutional Investors (FIIs) bought shares worth ₹1,652 crore, while Domestic Institutional Investors (DIIs) bought shares worth ₹97 crore in the cash market. In the derivatives market, FIIs sold index futures worth ₹305 crore and bought index options worth ₹15,645 crore. Further, they bought stock futures worth ₹2,154 crore and sold stock options worth ₹348 crore.
India VIX
The fear gauge India VIX fell 1.8% to 11.43.
Stock Action📊
Long build-up was seen in Intellect Design, Birlasoft and Trent.
Short build-up was seen in Voltas, Indian Hotels, Gujarat Gas, Hindustan Unilever and HDFC Life.
*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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