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 4 (+0.02%) points higher. Its Asian peers are trading lower. The Nikkei 225 fell 0.2% while Hang Seng fell 0.7%.
US Market Update
US markets ended lower on fresh inflation jitters raising concerns above high for longer interest rates.Dow Jones declined 0.5% while NASDAQ fell 1.0%.
Index Action
September Futures @ 19,665 📈▲11 (+0.06%)
OI Contracts: 1,92,060 (+0.8%)
Despite outflows from foreign and domestic portfolio investors, the Nifty50 ended a volatile session higher; rising for the fourth straight day. The index pared its opening gains but a late surge from its 50 DMA pushed the index in the green territory. The rise was led by gains in defensive sectors like FMCG and Pharma.
The Nifty50 options expiring on 7 September have significant positions at 19,700 and 19,600 calls and 19,500 and 19,400 puts.
According to options data and OI analysis, the Nifty50's range for the 28th September expiry is between 19,000 and 20,000 levels. On the other hand, 19,500 and 19,700 are the immediate support and resistance levels for this week.
September Futures @ 44,689 📉▼76 (-0.1%)
OI Contracts: 1,38,301 (+6.1%)
Bank Nifty recovered from the low point of the day but ended the day in red. On the day of its weekly options contract expiry, the banking index took support near its 20 DMA and gained some lost ground in the second half but ended lower.
Among banking index stocks, HDFC Bank (+1.3%) and AU Small Finance Bank (+0.6%) were the top gainers. Punjab National Bank (-2.4%) and Axis Bank (-1.6%) were the laggards.
The Bank Nifty's options expiring on 13 September have significant positions at the 45,000 and 44,500 calls and 44,000 and 44,500 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, 43,900 and 45,000 are the immediate support and resistance levels for this week.
Nifty Financial Services
September Futures @ 19,932 📈▲53 (+0.2%)
OI Contracts: 1,737 (+1.8%)
The FINNITY ended the day marginally higher; rebounding from its 20 DMA. The FINNIFTY’s options expiring on 12 September have significant positions at the 19,800 and 19,900 calls and 19,800 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 19,700 and 20,100.
FII and DII Data
In the cash market, the Foreign Institutional Investors (FIIs) sold shares worth ₹3,245 crore, while the Domestic Institutional Investors (DIIs) sold shares worth ₹247 crore. In the derivatives market, FIIs sold index futures worth ₹32 crore and sold index options worth ₹5,578 crore. Further, they sold stock futures worth ₹2,318 crore and sold options worth ₹73 crore.
India VIX
The volatility index declined 1.2% and settled at 10.68.
Stock Action
Long build-up was seen in Lupin, MGL, IGL, Dalmia Bharat and Abbott India.
Short build-up was seen in GNFC, Axis Bank, ICICI Bank, Birlasoft and SAIL.
Under F&O Ban: Balrampur Chini, BHEL, Delta Corp, Hindustan Copper, Indiabulls Housing Finance, India Cements, Manappuram and SAIL.
*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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