Asian Markets Update 7 am
Indian equities may start the day positive, as the GIFT Nifty indicates. The futures contract on the NSE International Exchange (NSE IX) is trading 17 (+0.2%) points higher. Its Asian peers are trading lower. The Nikkei 225 declined 1.5%, while Hong Kong's Hang Seng index fell 1.0%.
US market update
US markets ended lower after weak numbers posted by financial and airline stocks. Dow Jones declined 0.6%, while NASDAQ fell 0.5%.
Index Action
NIFTY50
July Futures @ 19,840 📉▼49 (-0.2%)
OI Contracts: 2,37,254 (+43.4%)
The Nifty50 gave up its opening gains and fell sharply to 19,600 level. The index formed a bearish engulfing pattern on the daily charts as it slipped lower by more than half a per cent. The 20 DMA for the index is at the 19,550 level, something that traders will keenly watch for.
The Nifty50 options expiring on 3 August have significant positions at 19,800 and 19,900 calls and 19,800 and 19,700 puts.
According to options data and OI analysis, the Nifty50 range for the 31st August expiry is between 19,000 and 20,200. On the other hand, 19,400 and 19,900 are the immediate support and resistance levels for this week.
BANK NIFTY
July Futures @ 46,050 📉▼185 (-0.4%)
OI Contracts: 1,29,104 (+25.7%)
The Bank Nifty came under pressure at a higher level and settled 0.8% lower. A sharp fall in pvt banks dragged the index lower, whereas gains in PSU banks provided support. The 20 DMA for the banking index is placed at the 45,300 level, near-term support.
Bank of Baroda (+0.7%) and SBI (+0.2%) were the top gainers among banking index stocks. IDFC First Bank (-2.4%) and Bandhan Bank (-1.8%) were the top laggards.
The Bank Nifty's options expiring on 3 August 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 44,400 and 47,000. On the other hand, 45,000 and 46,300 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 ₹3,979 crore, while the Domestic Institutional Investors (DIIs) bought shares worth ₹2,528 crore. In the derivatives market, FIIs sold index futures worth ₹3,090 crore and bought index options worth ₹41,865 crore. Further, they sold stock futures worth ₹4,862 crore and sold stock options worth ₹257 crore.
India VIX
The volatility index rose 0.4% and settled at 10.51.
Stock Action📊
The long build-up was seen in Syngene International, Birlasoft, Exide Industries, ACC and Granules.
The short build-up was seen in M&M, IGL, Can Fin Homes, Bajaj Finance and BPCL.
*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.
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