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 51 (+0.2%) points lower. Its Asian peers are trading mixed. The Nikkei 225 declined 0.6%, while Hong Kong's Hang Seng index gained 0.1%.
US market update
US markets ended higher after the Federal Reserve's stress showed they were strong enough to tide over a severe recession scenario. Dow Jones gained 0.8%, whereas the NASDAQ ended flat with a negative bias, down 0.02%.
Index Action
Nifty50
July Futures @ 19,082 📈▲163 (+0.8%)
OI Contracts: 1,82,563 (+44.3%)
After 6 months and multiple recent attempts, the Nifty50 hit a new record high level. Driven by
The strong momentum took the index higher to the 19,000 mark. The index also reentered and closed within the upward-sloping channel.
The Nifty50 options expiring on 6 July have significant positions at 19,000 and 19,200 calls and 19,000 and 18,800 puts.
According to options data and OI analysis, the Nifty50's range for the 27th July expiry is between 18,500 and 19,300 levels. On the other hand, 18,800 and 19,200 are the immediate support and resistance levels for this week.
Bank Nifty
July Futures @ 44,490 📈▲275 (+0.6%)
OI Contracts: 1,48,601 (+41.8%)
After the announcement of the HDFC Bank and HDFC merger effective, Bank Nifty surged and hit a near intraday high above 44,500. Despite the pressure on the PSU bank, the surge in private banks led the index rise in the banking index as it closed with gains of nearly half a per cent.
IDFC First Bank (+1.8%) and IndusInd Bank (+1.4%) were the top gainers among banking stocks. Bandhan Bank (-1.9%) and Punjab National Bank (-0.8%) were the biggest laggards.
The Bank Nifty's options expiring on 6 July have significant positions at the 44,500 and 45,000 calls and 44,000 and 43,000 puts.
According to options data and OI analysis, Bank Nifty's range for the 27th July expiry is between 43,000 and 45,500. On the other hand, 43,700 and 44,900 are this week's immediate support and resistance levels.
FII and DII Data💰
In the cash market, Foreign Institutional Investors (FIIs) bought shares worth ₹12,350 crore, while Domestic Institutional Investors (DIIs) sold shares worth ₹1,021 crore. In the derivatives market, FIIs sold index futures worth ₹847 crore and sold index options worth ₹3,464 crore. Further, they sold stock futures worth ₹1,666 crore and bought stock options worth ₹308 crore.
India VIX
The volatility index advanced 1.0% to 10.89.
Stock Action📊
The long build-up was seen in Alkem Labs, Delta Corp, Sun Pharma, Indigo and Torrent Pharma.
The short build-up was seen in Marico, HDFC Life, Federal Bank, Bank of Baroda and Aarti Industries.
*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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