Asian Markets Update @ 7 am
The SGX Nifty is trading 49 points (-0.1%) lower compared to its last close, indicating a negative start for the Nifty50 today. Major Asian markets are trading lower. Japan's Nikkei 225 fell 1.0%, while Hong Kong’s Hang Seng declined 0.7%.
Global Market Update
US stocks ended mixed, led by pressure in tech stocks after weak economic data raised investors' concerns as Fed officials hinted towards prospects of further rate hikes. The Dow Jones rose 0.2% to close at 33,482. The S&P 500 slipped 0.2% to 4,090, while the Nasdaq Composite declined 1.0% to close at 11,996.
Index Action
Nifty50
April Futures @ 17,625 📈▲151 (+0.8%)
OI Contracts: 2,09,366 (-3.2%)
The Nifty50 crossed the 17,500 level and settled above its 200-DMA after 14 sessions. After a positive opening, the index rose steadily throughout the day, led by FMCG, IT and Financial stocks. All eyes will be on the RBI MPC meeting outcome to be announced today.
Sectorally, FMCG (+1.3%) and IT (+1.2%) were the top gainers, whereas PSU Bank (-0.7%) and Auto (-0.5%) were the top laggards.
The Nifty50 options expiring on 6 April have significant positions at 17,700 and 17,600 calls and 17,500 and 17,400 puts.
According to options data and OI analysis, the Nifty50's long range for the 27th April expiry is between 17,100 and 17,900. On the other hand, 17,450 and 17,650 is the short-term range for this week.
Bank Nifty
April Futures @ 41,141 📈▲127 (+0.3%)
OI Contracts: 91,381 (-17.2%)
The Bank Nifty closed higher for the sixth straight session, just below the 41,000 mark. Large private banks led the rise, while pressure in PSU banks limited the upside.
Among banking stocks, HDFC Bank (+2.6%) and Bandhan Bank (+1.2%) were the top gainers, while Federal Bank (-3.4%) and Punjab National Bank (-1.3%) were the biggest laggards.
The Bank Nifty's options expiring on 6 April have significant positions at the 41,000 and 41,200 calls and 41,000 and 40,500 puts.
According to options data and OI analysis, Bank Nifty's range for the 27th April expiry is between 39,800 and 42,200. On the other hand, 40,700 and 41,300 is the short-term range for this week.
FII and DII Data💰
The Foreign Institutional Investors (FIIs) bought shares worth ₹806 crore, while Domestic Institutional Investors (DIIs) sold shares worth ₹947 crore in the cash market. In the derivatives market, FIIs bought index futures worth ₹2,789 crore and bought index options worth ₹9,506 crore. Further, they bought stock futures worth ₹560 crore and sold stock options worth ₹235 crore.
India VIX
The fear gauge India VIX fell 1.4% to 12.41.
Stock Action📊
Long build-up was seen in Coforge, Bajaj Auto, Abbott India, Grasim and Torrent Pharma.
Short build-up was seen in Ashok Leyland, Aditya Birla Fashion, MCX, Federal Bank and RBL Bank.
*In Futures and Options or F&O, long build-up means an increase in Open Interest (OI) along 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.