Asian Markets Update @ 7 am
The SGX Nifty is trading 8 (+0.05%) points higher than its last close, indicating a flat to a positive start for the Nifty50 today. Major Asian markets are trading in the green. Japan's Nikkei 225 rose 0.5%, while Hong Kong's Hang Seng Index gained 1.1%.
Global Market Update
US stocks rose on Monday as investors lapped up beaten-down growth stocks following the worst week of the year. The Dow Jones rose 0.2%, while the S&P 500 gained 0.3%. The technology-heavy Nasdaq Composite advanced 0.6%.
Index Action
Nifty50
March Futures @ 17,509 📉▼50 (-0.2%)
OI Contracts: 2,22,050 (+5%)
The Nifty50 closed in the red for the seventh consecutive session, the longest losing streak in the last five months. The index breached the 200-DMA and rebounded from the 17,300 level led by gains in banking and financial stocks.
Sectorally, Realty (+2.1%) and Banking (+1.0%) were the top gainers, while Media (-3.8%) and Metal (-2.3%) were the biggest laggards.
The Nifty 50 options contracts expiring on 2 March have significant positions at the 17,600 and 18,000 calls and the 17,000 and 17,400 puts.
As per options data and OI analysis, the Nifty50’s broad range for the 29th March expiry is between 16,900 and 17,900. On the other hand, 17,200 and 17,600 is the short-term range for the current week.
Bank Nifty
March Futures: 40,600 📈▲428 (+1.0%)
OI Contracts: 1,02,630 (-4.4%)
After correcting nearly 2,000 points in the last seven sessions, the Bank Nifty outperformed the Nifty50 and recovered from the 39,750 level. The index formed the bullish engulfing pattern on the daily chart and closed higher.
Among banking stocks, Bank of Baroda (+2.8%) and ICICI Bank (+1.9%) advanced the most, while Bandhan Bank (-0.6%) and AU Small Finance Bank (-0.1%) were the top losers.
The Bank Nifty’s options contracts expiring on 2 March have significant positions at the 40,000 and 41,000 calls and 40,000 and 39,000 puts.
As per options data and OI analysis, Bank Nifty’s range for the 29th March expiry is between 38,600 and 41,700. On the other hand, 39,800 and 40,800 is the short-term range for the current week.
FII and DII Data💰
The Foreign Institutional Investors (FIIs) sold shares worth ₹2,022 crore, while Domestic Institutional Investors (DIIs) bought shares worth ₹2,231 crore in the cash market. In the derivatives market, FIIs sold index futures worth ₹682 crore and bought index options worth ₹7,589 crore. Further, they bought stock futures worth ₹323 crore and sold stock options worth ₹157 crore.
India VIX
The fear gauge India VIX fell 2.1% to 13.88.
Stock Action📊
Long build-up was seen in ICICI Bank, ICICI Prudential, DLF, Power Grid and Federal Bank.
Short build-up was seen in Mphasis, Escorts Kubota, GNFC, PVR and Hindustan Copper.
*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.