Asian Markets Update 7 am
Indian equities may start the day negative, as the GIFT Nifty indicates. The futures contract on the NSE International Exchange (NSE IX) is trading 35 (-0.1%) points lower. Its Asian peers are trading mixed. The Nikkei 225 gained 0.1%, while Hong Kong's Hang Seng index fell 1.4%.
US market update
US markets ended higher ahead of the consumer inflation number later this week. Dow Jones advanced 1.1% while NASDAQ rose 0.6%.
Index Action
NIFTY50
August Futures @ 19,667 📈▲91 (+0.4%)
OI Contracts: 2,28,342 (+0.1%)
The Nifty50 started the week positively and rose for the second straight day. The index gave up its opening gains early but rose steadily later in the day to end close to 19,600. Despite the rise, the index is yet to cross above its 20 DMA but settled just below it. All eyes will be on the RBI's Monetary Policy Committee meeting that begins today and concludes on 10 August.
Among the major companies, Chambal Fertilisers, Coal India and Hindalco will announce their earnings today.
The Nifty50 options expiring on 10 August have significant positions at 19,600 and 20,000 calls and 19,500 and 19,400 puts.
According to options data and OI analysis, the Nifty50 range for the 31st August expiry is between 19,000 and 19,900. On the other hand, 19,400 and 19,800 are this week's immediate support and resistance levels.
BANK NIFTY
August Futures @ 44,948 📉▼53 (-0.1%)
OI Contracts: 1,20,185 (+3.7%)
The Bank Nifty slipped lower from the 45,000 level and ended marginally lower. The banking index attempted a rebound but could not cross above Friday's high level. Weakness in heavyweight PSU banks was the major drag on the index.
Bandhan Bank (+0.7%) and Punjab National Bank (+0.7%) were the top gainers among banking index stocks. Bank of Baroda (-1.0%) and AU Small Finance (-1.7%) were the top laggards.
The Bank Nifty's options expiring on 10 August have significant positions at the 45,000 and 44,900 calls and 44,500 and 44,800 puts.
According to options data and OI analysis, Bank Nifty's range for the 31st August expiry is between 43,500 and 46,000. On the other hand, 44,500 and 45,400 are the immediate support and resistance levels for this week.
FINNIFTY
August Futures @ 20,111 📈▲29 (+0.1%)
OI Contracts: 1,713 (+14.11%)
The FINNIFTY settled higher with a mild positive bias. The FINNIFTY's options expiring on 8 August have significant positions at the 20,200 and 20,300 calls and 20,000 and 19,800 puts.
According to options data and OI analysis of contracts expiring on 8 August, FINNIFTY's immediate support and resistance levels are at 19,800 and 20,200.
FII and DII Data**💰
In the cash market, the Foreign Institutional Investors (FIIs) sold shares worth ₹1,892 crore, while the Domestic Institutional Investors (DIIs) bought shares worth ₹1,080 crore. In the derivatives market, FIIs bought index futures worth ₹636 crore and bought index options worth ₹1,734 crore. Further, they bought stock futures worth ₹1,397 crore and sold stock options worth ₹150 crore.
India VIX
The volatility index rose 5.0% and settled at 11.10.
Stock Action📊
The long build-up was seen in Divis Labs, Lupin, SBI Life, Adani Ports and Biocon.
The short build-up was seen in Balrampur Chini, India Cements, Aditya Birla Fashion, Cummins India and SBI.
*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.