Best Trade Setup for 30 May (Tuesday) - Share Market Today

Asian Markets Update 7 am

Indian equities may start the day flat to positive, as indicated by the SGX Nifty. The futures contract on the Singapore Exchange is trading 19 (+0.1%) points lower. Its Asian peers are trading mixed. The Nikkei 225 declined 0.4%, while Hong Kong's Hang Seng index rose 0.3%.

US market update

US markets were shut on account of a public holiday.

Index Action

Nifty50

June Futures @ 18,674 📈▲101 (+0.5%)
OI Contracts: 1,91,817 (+0.1%)

With a positive handover from the global markets, the Nifty50 opened the gap and rallied higher for the third day. Sentiment boosts from the US debt ceiling resolution and the normal monsoon forecast by the IMD added to the positivity on the street. The index settled half a per cent higher, led by gains in Metal and Financial stocks.

The Nifty50 options expiring on 1 June have significant positions at 18,800 and 18,600 calls and 18,300 and 18,400 puts.

According to options data and OI analysis, the Nifty50's range for the 1st June expiry is between 18,200 and 19,000 levels. On the other hand, 18,400 and 18,800 are the immediate support and resistance levels for this week.

Bank Nifty

June Futures @ 44,365 📈▲296 (+0.6%)
OI Contracts: 83,078 (-0.9%)

The Bank Nifty hit a record high early in trade, powered by gains in heavyweights like SBI and HDFC Bank. The index cooled off slightly from the 44,500 level but managed a strong close, more than half a per cent higher.

Among banking stocks, AU Small Finance Bank (+1.5%) and SBI (+1.5%) were the top gainers. ICICI Bank (-0.2%) was the only banking index stock to end in red.

The Bank Nifty's options expiring on 1 June 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 1st June expiry is between 43,000 and 45,600. On the other hand, 43,900 and 44,700 are this week's immediate support and resistance levels.

FII and DII Data💰

In the cash market, Foreign Institutional Investors (FIIs) bought shares worth ₹1,758 crore, while Domestic Institutional Investors (DIIs) bought shares worth ₹853 crore. In the derivatives market, FIIs sold index futures worth ₹161 crore and sold index options worth ₹11,220 crore. Further, they bought stock futures worth ₹2,124 crore and sold stock options worth ₹220 crore.

India VIX

The volatility index advanced 3.3% to 12.30.

Stock Action📊

Long build-up was seen in Lupin, Indiabulls Housing Finance, Titan, ITC and IRCTC. 

Short build-up was seen in City Union Bank, Bosch, Balkrishna Industries, GMR Infra and Power Grid.