Asian Markets Update 7 am
Indian equities may start the day positive, as the SGX Nifty indicates. The futures contract on the Singapore Exchange is trading 57 (+0.3%) points lower. Its Asian peers are trading mixed. The Nikkei 225 advanced 0.7%, while Hong Kong's Hang Seng index fell 0.1%.
US market update
US markets snapped their losing streak and ended higher, boosted by a rally in Tech stocks. Dow Jones gained 0.6%, whereas the NASDAQ rose 1.6%.
Index Action
Nifty50
June Futures @ 18,815 📈▲97 (+0.5%)
OI Contracts: 1,07,666 (-25.9%)
After the announcement of the effective date of the HDFC twins merger, the Nifty50 surged sharply and reclaimed the 18,800 level. Gains in Financial and IT stocks helped the index rebound from its support zone near the 20 DMA. Ahead of the monthly expiry today, the index is again placed in the congestion zone near the all-time high level.
The Nifty50 options expiring on 28 June have significant positions at 18,900 and 19,000 calls and 18,700 and 18,800 puts.
According to options data and OI analysis, the Nifty50's range for the 27th July expiry is between 18,000 and 19,100 levels. On the other hand, 18,700 and 18,900 are the immediate support and resistance levels for this week.
Bank Nifty
June Futures @ 44,126 📈▲443 (+1.0%)
OI Contracts: 56,780 (-16.7%)
Bank Nifty outperformed the Nifty50 and settled with more than 1% gains. The index rebounded over 500 points from the day's low point and surged sharply in the last hour of trade. The banking index broke out of its resistance zone near its 20 DMA and ended above the 44,100 level.
SBI (+1.6%) and Federal Bank (+1.4%) were the top gainers among banking stocks.
The Bank Nifty's options expiring on 28 June have significant positions at the 44,000 and 44,500 calls and 44,000 and 43,800 puts.
According to options data and OI analysis, Bank Nifty's range for the 27th July expiry is between 42,400 and 44,800. On the other hand, 43,800 and 44,400 are this week's immediate support and resistance levels.
FII and DII Data💰
In the cash market, Foreign Institutional Investors (FIIs) bought shares worth ₹2,024 crore, while Domestic Institutional Investors (DIIs) sold shares worth ₹1,991 crore. In the derivatives market, FIIs bought index futures worth ₹2,860 crore and sold index options worth ₹2,055 crore. Further, they bought stock futures worth ₹1,328 crore and bought stock options worth ₹681 crore.
India VIX
The volatility index declined 5.4% to 10.78.
Stock Action📊
The long build-up was seen in L&T Finance, Can Fin Homes, HDFC Life, LTI Mindtree and Power Finance.
The short build-up was seen in SRF, BEL, Dalmia Bharat, Ashok Leyland and Hindustan Petroleum.
Under F&O Ban: L&T Finance and Manappuram.
*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.