Asian Markets Update @ 7 am
The SGX Nifty is trading 12 (+0.07%) points higher than its last close, indicating a flat to positive start for the Nifty50 today. Major Asian markets are trading mixed. Japan's Nikkei 225 rose 0.6%, while Hong Kong's Hang Seng Index fell 0.3%.
Global Market Update
US stocks ended mixed on Wednesday after tight labour market data reaffirmed concerns of aggressive rate hike stance by the Federal Reserve. The Dow Jones fell 0.1%. The S&P 500 dropped 0.1% and the tech-heavy Nasdaq gained 0.4%
Index Action
Nifty50
March Futures @ 17,798 📈▲23 (+0.1%)
OI Contracts: 2,03,423 (+3.8%)
Against the backdrop of weak global cues, the Nifty50 rallied and settled higher for the third consecutive day. The benchmark index traded in a range and surged above its 20-DMA in the last hour.
The four day buying streak by foreign portfolio investors has helped the markets recover from the recent fall and could prove to be the much needed fuel to keep index steaming higher.
Among the Nifty50 sectoral indices, Realty (-0.6%) and Pharma (-0.4%) were the laggards whereas Oil & Gas (+0.8%) and Auto (+0.8%) were the biggest gainers.
The Nifty50 options expiring on 9 March have significant positions at 17,800 and 18,000 calls and 17,600 and 17,700 puts.
According to options data and OI analysis, the Nifty50's long range for the 29 March expiry is between 17,300 and 18,100. On the other hand, 17,650 and 17,850 is the short-term range for the current week.
Bank Nifty
March Futures @ 41,740 📈▲222 (+0.5%)
OI Contracts: 92,147 (+2.7%)
The Bank Nifty recovered from the initial dip of 41,100 and ended the day in green. The banking index faced resistance near its 50DMA for the second day in a row and it remains a key hurdle to cross.
Among banking stocks, IndusInd Bank (+4.7%) and Federal Bank (+1.3%) were the top gainers, while Bandhan Bank (-0.9%) and Kotak Mahindra Bank (-0.6%) were the top losers.
The Bank Nifty's options expiring on 9 March have significant positions at the 42,000 and 41,500 calls and 41,000 and 40,000 puts.
According to options data and OI analysis, Bank Nifty's range for the 29th March expiry is between 40,300 and 42,800. On the other hand, 41,300 and 41,800 is the short-term range for the current week.
FII and DII Data💰
The Foreign Institutional Investors (FIIs) bought shares worth ₹3,671 crore, while Domestic Institutional Investors (DIIs) sold shares worth ₹937 crore in the cash market. In the derivatives market, FIIs sold index futures worth ₹576 crore and bought index options worth ₹4,548 crore. Further, they bought stock futures worth ₹118 crore and bought stock options worth ₹90 crore.
India VIX
The fear gauge India VIX rose 1.4% to 12.45.
Stock Action📊
Long build-up was seen in Balrampur Chini, Hindustan Aeronautics, Larsen & Toubro, REC and Bosch.
Short build-up was seen in Sun Pharma, Crompton Greaves, RBL Bank, Indus Towers and Bajaj Finance.
Under F&O Ban: Balrampur Chini.
*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.
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