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 9 (+0.05%) points higher. Its Asian peers are trading mixed. The Nikkei 225 declined 1.1%, while Hong Kong's Hang Seng index rose 0.2%.
US market update
US markets ended flat to positive in a shortened trading session with a rise in Tesla and banking shares. Dow Jones gained 0.03%, while NASDAQ rose 0.2%.
Index Action
Nifty50
July Futures @ 19,411 📈▲149 (+0.7%)
OI Contracts: 2,06,015 (+2.9%)
On the back of strong foreign inflows and robust June GST collections, the Nifty50 started the month positively and gained nearly three-quarters of a per cent. The index opened higher and extended its gains through the day, breaching and closing above 19,300 for the first time. The strong momentum in the index continued for the fifth straight day with contributions from Financial and Infra stocks. The PCR for the weekly expiry options contract is at 1.4, historically considered near the index's over-heating zone.
The Nifty50 options expiring on 6 July have significant positions at 19,500 and 19,300 calls and 19,300 and 19,000 puts.
According to options data and OI analysis, the Nifty50 range for the 27th July expiry is between 18,800 and 19,600. On the other hand, 19,100 and 19,450 are this week's immediate support and resistance levels.
Bank Nifty
July Futures @ 45,288 📈▲437 (+0.9%)
OI Contracts: 1,77,276 (+4.7%)
Bank Nifty hit the 45,350 level early in the session and slipped lower from that level. With gains in PSU banks and the merger buzz of HDFC twins, the banking index ended the day above the 45,100 level, nearly a per cent higher.
Bank of Baroda (+4.6%) and Punjab National Bank (+4.2%) were the top gainers among banking stocks. Axis Bank (-0.5%) and Bandhan Bank (-2.7%) were the biggest laggards.
The Bank Nifty's options expiring on 6 July have significant positions at the 45,200 and 45,500 calls and 45,000 and 44,500 puts.
According to options data and OI analysis, Bank Nifty's range for the 27th July expiry is between 44,000 and 46,600. On the other hand, 44,800 and 45,700 are this week's immediate support and resistance levels.
FII and DII Data💰
In the cash market, Foreign Institutional Investors (FIIs) bought shares worth ₹1,996 crore, while Domestic Institutional Investors (DIIs) sold shares worth ₹337 crore. In the derivatives market, FIIs bought index futures worth ₹434 crore and bought index options worth ₹7,093 crore. Further, they bought stock futures worth ₹228 crore and sold stock options worth ₹529 crore.
India VIX
Along with a rise in the indices, the volatility index also gained 6.8% and settled at 11.54.
Stock Action📊
The long build-up was seen in Indian Oil, Hindustan Petroleum, RBL Bank, ITC and Granules.
The short build-up was seen in Persistent Systems, Bandhan Bank, Laurus Labs, SRF and Power Grid.
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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