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 1.5%, while Hong Kong's Hang Seng index rose 2.0%.
US market update
US markets ended higher after data showed annual inflation slowed considerably in June, pushing expectations of the Federal Reserve nearing the end of the interest rate hiking cycle. Dow Jones advanced 0.5% while NASDAQ rose 1.9%.
Index Action
NIFTY50
August Futures @ 19,733 📉▼78 (-0.3%)
OI Contracts: 2,19,738 (-6.3%)
The Nifty50 recovered lost ground but ended marginally lower. On the downside, the index took support at its 20 DMA near the 19,550 level. Mixed cues from the global markets, foreign portfolio investors' outflows and rising crude prices were some of the contributing factors towards the dip.
Among the major companies, GAIL, Maruti Suzuki, Navin Fluorine, and UPL will announce their earnings today.
The Nifty50 options expiring on 3 August have significant positions at 19,800 and 19,700 calls and 19,600 and 19,500 puts.
According to options data and OI analysis, the Nifty50 range for the 31st August expiry is between 19,100 and 20,200. On the other hand, 19,400 and 19,900 are this week's immediate support and resistance levels.
BANK NIFTY
August Futures @ 45,675 📉▼311 (-0.6%)
OI Contracts: 1,20,329 (-4.2%)
The Bank Nifty continued to slide lower and settled nearly half a per cent lower. The banking index, too, fell to its 20 DMA but closed above it. The breadth of the index, however, was even, with 6 stocks ending in green and 6 stocks ending in red.
IDFC First Bank of Baroda (+1.7%) and Federal Bank (+1.1%) were the top gainers among banking index stocks. HDFC Bank (-1.7%) and Axis Bank (-1.0%) were the top laggards.
The Bank Nifty's options expiring on 3 August have significant positions at the 45,500 and 46,000 calls and 45,500 and 45,000 puts.
According to options data and OI analysis, Bank Nifty's range for the 31st August expiry is between 44,200 and 46,600. On the other hand, 45,000 and 45,900 are the immediate support and resistance levels for this week.
FII and DII Data**💰
In the cash market, the Foreign Institutional Investors (FIIs) sold shares worth ₹1,023 crore, while the Domestic Institutional Investors (DIIs) bought shares worth ₹1,643 crore. In the derivatives market, FIIs sold index futures worth ₹1,802 crore and bought index options worth ₹33,73 crore. Further, they sold stock futures worth ₹61 crore and sold stock options worth ₹94 crore.
India VIX
The volatility index fell 3.5% and settled at 10.14.
Stock Action📊
The long build-up was seen in Ipca Labs, Sun TV, JK Cement, Indigo and Birlasoft.
The short build-up was seen in M&M Financial Services Dr Lal Pathlabs, Bajaj Finserv, Maruti Suzuki and Lupin.
Under F&O Ban: Indiabulls Housing Finance.
*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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