Asian Markets Update 7 am
Indian equities may start the day flat to positive, as indicated by the GIFT Nifty. The futures contract on the NSE International Exchange (NSE IX) is trading 2 (+0.01%) points higher. Its Asian peers are trading lower. The Nikkei 225 declined 0.1% while Hang Seng fell 1.4%.
US Market Update
US markets were shut on account of a public holiday.
Index Action
September Futures @ 19,641 📈▲102 (+0.5%)
OI Contracts: 1,91,285 (-0.3%)
Amidst positive global cues and domestic portfolio investors inflows, the Nifty50 surged past 19,500 and ended near one-month high. It was a volatile session but with participation from PSU banks, IT and Metal stocks the index moved higher again in the second half of the day and closed near the high point of the day. The index is now above its 20 DMA and 50 DMA.
The Nifty50 options expiring on 7 September have significant positions at 19,600 and 19,500 calls and 19,400 and 19,300 puts.
According to options data and OI analysis, the Nifty50's range for the 28th September expiry is between 19,000 and 19,900 levels. On the other hand, 19,350 and 19,650 are the immediate support and resistance levels for this week.
September Futures @ 44,790 📈▲188 (+0.4%)
OI Contracts: 1,35,783 (-5.7%)
Bank Nifty ended a volatile session higher; up by one thirds of a percent. On the downside, the banking index took support at its 20 DMA. Led by a surge in PSU banks, the banking index settled above the 44,500 level for the first time since early August.
Among banking index stocks, Punjab National Bank (+3.0%) and IDFC First Bank (+5.4%) were the top gainers. AU Small Finance Bank (-1.2%) and Axis Bank (-0.9%) were the laggards.
The Bank Nifty's options expiring on 6 September 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 43,400 and 45,800. On the other hand, 44,100 and 44,800 are the immediate support and resistance levels for this week.
Nifty Financial Services
September Futures @ 19,920 📈▲51 (+0.2%)
OI Contracts: 1,490 (+17.2%)
The FINNITY rebounded from its 20 DMA and settled higher by one tenth of a percent. The FINNIFTY’s options expiring on 5 September have significant positions at the 19,900 and 19,800 calls and 19,600 and 19,700 puts.
According to options data and OI analysis of contracts expiring on 5th September, FINNIFTY’s immediate support and resistance levels are at 19,800 and 20,100.
FII and DII Data
In the cash market, the Foreign Institutional Investors (FIIs) bought shares worth ₹3,367 crore, while the Domestic Institutional Investors (DIIs) bought shares worth ₹2,563 crore. In the derivatives market, FIIs bought index futures worth ₹149 crore and bought index options worth ₹3,920 crore. Further, they bought stock futures worth ₹738 crore and sold options worth ₹619 crore.
India VIX
The volatility index declined 3.6% and settled at 10.96.
Stock Action
Long build-up was seen in Balrampur Chini, NALCO, Delta Corp, Coal India and Persistent Systems.
Short build-up was seen in JK Cement, Berger Paints, Abbott India, ITC and Shriram Finance.
Under F&O Ban: Balrampur Chini, BHEL, Hindustan Copper, Indiabulls Housing Finance and India Cements.
*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.
Disclaimer:
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