Asian Markets Update @ 7 am
The SGX Nifty is trading 65 points (+0.3%) higher compared to its last close, indicating a positive start for the Nifty50 today. Major Asian markets are trading higher. Japan's Nikkei 225 rose 0.1%, while Hong Kong's Hang Seng Index advanced 0.9%.
Global Market Update
US equities ended mixed after a sense of relief swept through banking stocks, while the big tech names came under pressure. The Dow Jones rose 0.6% to end at 32,432. The S&P 500 advanced 0.1% to 3,977, while the Nasdaq Composite declined 0.4% and finished at 11,768.
Index Action
Nifty50
March Futures @ 17,024 📈▲69 (+0.4%)
OI Contracts: 1,89,845 (-15%)
The Nifty50 ended a range-bound day with modest gains on the back of gains in heavyweights such as Reliance Industries and Sun Pharma. A sharp sell-off in the last hour of trading dragged the index below the 17,000 level; incidentally, March 29 options contracts have the largest OI base of call and put options at the 17,000 strike, suggesting this could be a key level in the coming days.
Sectorally, Realty (-1.1%) and Media (-1.0%) were among the top losers whereas Pharma (+1.0%) and FMCG (+0.2%) were the top gainers.
The Nifty50 options expiring on 29 March have significant positions at 17,000 and 17,100 calls and 17,000 and 16,800 puts.
According to options data and OI analysis, the Nifty50's long range for the 27th April expiry is between 16,300 and 17,600. On the other hand, 16,800 and 17,200 is the short-term range for this week.
Bank Nifty
March Futures @ 39,432 📈▲8 (+0.02%)
OI Contracts: 78,017 (-5.8%)
Bank Nifty ended a volatile session with marginal gains even as it settled below its 200 DMA for the second consecutive day. The index shed over 400 points from the day's high to settle near the 39,400 mark, dragged down by private sector banks.
Among banking stocks, AU Small Finance Bank (+1.2%) and SBI (+0.9%) were the top gainers while Bandhan Bank (-2.6%) and IDFC First Bank (-1.9%) were the biggest laggards.
The Bank Nifty's options expiring on 29 March have significant positions at the 39,500 and 40,000 calls and 39,500 and 39,000 puts.
According to options data and OI analysis, Bank Nifty's range for the 27th April expiry is between 37,300 and 41,000. On the other hand, 38,900 and 39,900 is the short-term range for this week.
FII and DII Data💰
The Foreign Institutional Investors (FIIs) sold shares worth ₹890 crore, while Domestic Institutional Investors (DIIs) bought shares worth ₹1,808 crore in the cash market. In the derivatives market, FIIs bought index futures worth ₹3,248 crore and bought index options worth ₹14,303 crore. Further, they bought stock futures worth ₹1,607 crore and sold stock options worth ₹39 crore.
India VIX
The fear gauge India VIX rose 1.3% to 15.45 .
Stock Action📊
Long build-up was seen in Deepak Nitrite, Sun Pharma, Power Finance Corporation, ITC and Trent.
Short build-up was seen in United Breweries, IEX, Rain Industries, Axis Bank and IRCTC.
*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.