Asian Markets Update 7 am
Indian equities may start the day flat to negative, as the GIFT Nifty indicates. The futures contract on the NSE International Exchange (NSE IX) is trading 1 (-0.01%) points lower. Its Asian peers are also trading lower. The Nikkei 225 declined 0.5%, while Hong Kong's Hang Seng index fell 1.1%.
US market update
US markets ended lower after data showed job markets running hot, sparking concerns over further rate hikes and surging Treasury yields. Dow Jones declined 1.0% while NASDAQ slipped 0.8%.
Index Action
Nifty50
July Futures @ 19,534 📈▲67 (+0.3%)
OI Contracts: 2,22,087 (+6.1%)
The Nifty50 surged to 19,500 levels and closed near the day's high point. Driven by Oil & Gas and Auto stocks, the index surged sharply in the last hour of trade. On the daily charts, however, the RSI is approaching 80, technically considered overheating territory.
The Nifty50 options expiring on 13 July have significant positions at 19,500 and 20,000 calls and 19,500 and 19,300 puts.
According to options data and OI analysis, the Nifty50 range for the 27th July expiry is between 19,000 and 19,900. On the other hand, 19,500 and 19,700 are this week's immediate support and resistance levels.
Bank Nifty
July Futures @ 45,400 📈▲162 (+0.3%)
OI Contracts: 1,92,345 (+7.4%)
Bank Nifty ended higher by nearly half a per cent but still remained below its recent record high level of 45,650. Surge in both PSU Bank and pvt bank stocks helped the index rebound after a day's pause. The index, however, now has a gap at 44,800 level.
Among banking index stocks, AU Small Finance (+2.7%) and Bandhan Bank (+2.5%) were the top gainers. IndusInd Bank (-0.6%) was the only stock to end in red.
The Bank Nifty's options expiring on 13 July have significant positions at the 46,000 and 45,500 calls and 45,000 and 44,000 puts.
According to options data and OI analysis, Bank Nifty's range for the 27th July expiry is between 44,400 and 46,400. On the other hand, 44,700 and 45,900 are this week's immediate support and resistance levels.
FII and DII Data💰
In the cash market, Foreign Institutional Investors (FIIs) bought shares worth ₹2,641 crore, while Domestic Institutional Investors (DIIs) sold shares worth ₹2,351 crore. In the derivatives market, FIIs bought index futures worth ₹780 crore and bought index options worth ₹12,018 crore. Further, they bought stock futures worth ₹2,957 crore and sold stock options worth ₹707 crore.
India VIX
The volatility index fell 0.3% and settled at 11.84.
Stock Action📊
Long build-up was seen in Aurobindo Pharma, GAIL, M&M, Sun TV and HPCL.
Short build-up was seen in Eicher Motors, HCL Tech, Piramal Enterprises, Tata Steel and TVS Motor.
Under F&O Ban: BHEL & Delta Corp.
*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.