Asian Markets Update 7 am
Indian equities may start the day flat to positive, as the GIFT Nifty indicates. The futures contract on the NSE International Exchange (NSE IX) is trading 8 (+0.04%) points higher. Its Asian peers are trading higher. The Nikkei 225 advanced 0.4%, while Hong Kong's Hang Seng index gained 0.6%.
US Market Update
US markets ended higher cooler than expected jobs report. Dow Jones advanced 0.1% while NASDAQ gained 0.5%.
Index Action
August Futures @ 19,340📈▲2 (+0.01%)
OI Contracts: 1,48,097 (-0.2%)
The Nifty50 gave up its opening gains and ended flat with a positive bias. Despite the sharp last-hour sell-off, the index ended higher and made a higher high, higher low pattern for the third consecutive day. Ahead of today's GDP number and monthly derivatives expiry, the index retracted from its 20 DMA and 50 DMA and is placed below them.
The Nifty50 options expiring on 31 August have significant positions at 19,500 and 19,400 calls and 19,300 and 19,300 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 @ 44,189 📉▼310 (-0.7%)
OI Contracts: 75,106 (-10.4%)
Bank Nifty opened on a strong note and moved close to 44,800 before plummeting into the red territory. The banking index turned from its 50 DMA and also slipped below its 20 DMA. The immediate support level for the banking index is at its 100 DMA, which is near 44,000.
IDFC First Bank (+2.1%) and Punjab National Bank (+0.7%) were the top gainers among banking index stocks. SBI (-1.3%) and Bandhan Bank (-2.1%) 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 44,500 are the immediate support and resistance levels for this week.
Nifty Financial Services
September Futures @ 19,817 📉▼79 (-0.4%)
OI Contracts: 1,040 (+8.0%)
The FINNITY ended a volatile session in red, below its 20 DMA. The FINNIFTY's options expiring on 5 September have significant positions at the 19,900 and 20,000 calls and 19,800 and 19,900 puts.
According to options data and OI analysis of contracts expiring on 5 September, 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) sold shares worth ₹494 crore, while the Domestic Institutional Investors (DIIs) bought shares worth ₹1,323 crore. In the derivatives market, FIIs sold index futures worth ₹12 crore and sold index options worth ₹15,114 crore. Further, they bought stock futures worth ₹1,930 crore and bought options worth ₹359 crore.
India VIX
The volatility index declined 3.5% and settled at 11.80.
Stock Action
The long build-up was seen in Indian Hotels, BHEL, TVS Motor, PVR Inox and Marico.
Short build-up was seen in India Cements, Gujarat Gas, HPCL, Indian Oil and Hero MotoCorp.
Under F&O Ban: BHEL and Indiabulls Housing Finance.