Asian Markets Update 7 am
Indian equities may start the day flat to negative, as the GIFT Nifty indicates. The futures contract on the NSE International Exchange (NSE IX) is trading 3 (-0.02%) points lower. Its Asian peers are trading higher. The Nikkei 225 advanced 0.7%, while Hong Kong's Hang Seng index gained 1.0%.
US Market Update
US markets ended higher on signs of cooling off the labour market. Dow Jones advanced 0.8% while NASDAQ gained 1.7%.
Index Action
August Futures @ 19,345📈▲24 (+0.1%)
OI Contracts: 1,48,507 (-15.0%)
The index traded in a narrow range but ended higher for the second straight day. Ahead of tomorrow's GDP data and monthly expiry, the index continued to face resistance at its 50 DMA near 19,400 level. Most sectoral indices, however, ended in green, with Realty and Metal leading the charge and PSU Bank and FMCG taking a knock.
The Nifty50 options expiring on 31 August have significant positions at 19,500 and 19,400 calls and 19,300 and 19,000 puts.
According to options data and OI analysis, the Nifty50 range for the 28th September expiry is between 18,800 and 19,800. On the other hand, 19,200 and 19,500 are this week's immediate support and resistance levels.
August Futures @ 44,516 📈▲29 (+0.07%)
OI Contracts: 83,859 (-12.9%)
Bank Nifty had a lacklustre session and ended absolutely flat. Both PSU bank and private indices ended in red. Bank Nifty, however, closed above its 20 DMA.
Among banking index stocks, HDFC Bank (+0.8%) and Punjab National Bank (+0.7%) were the top gainers. AU Small Finance Bank (-0.9%) and Axis Bank (-0.9%) were the laggards.
The Bank Nifty's options expiring on 31 August have significant positions at the 44,500 and 45,000 calls and 44,000 and 43,500 puts.
According to options data and OI analysis, Bank Nifty's range for the 28th September expiry is between 43,300 and 45,700. On the other hand, 44,000 and 44,900 are this week's immediate support and resistance levels.
Nifty Financial Services
September Futures @ 19,799 📈▲42 (+0.2%)
OI Contracts: 963 (+18.8%)
The FINNITY ended with marginal gains but marginally below its 20 DMA. The FINNIFTY's options expiring on 5 September have significant positions at the 19,800 and 20,000 calls and 19,800 and 19,700 puts.
According to options data and OI analysis of contracts expiring on 8 August, FINNIFTY's immediate support and resistance levels are at 19,600 and 20,000.
FII and DII Data
In the cash market, the Foreign Institutional Investors (FIIs) bought shares worth ₹61 crore, while the Domestic Institutional Investors (DIIs) bought shares worth ₹305 crore. In the derivatives market, FIIs bought index futures worth ₹559 crore and sold index options worth ₹1,643 crore. Further, they bought stock futures worth ₹2,542 crore and sold options worth ₹601 crore.
India VIX
The volatility index declined 1.3% and settled at 12.23.
Stock Action
The long build-up was seen in Deepak Nitrite, TVS Motor, Oberoi Realty, Hindalco and Tata Steel.
The short build-up was seen in Reliance Industries, Balrampur Chini, Bharti Airtel, Dabur and IDFC.
Under F&O Ban: Escorts Kubota, GMR Infra, Hindustan Copper, Indiabulls Housing Finance, Manappuram, RBL Bank and Sun TV.