Asian Markets Update @ 7 am
The SGX Nifty is trading 41 points (-0.2%) lower compared to its last close, indicating a flat to negative start for the Nifty50 today. Major Asian markets are trading mixed. Japan's Nikkei 225 is up 0.7%, while Hong Kong's Hang Seng is down by 0.3%.
Global Market Update
US equities ended mixed on Monday as investors await further cues from the consumer inflation data releasing on Wednesday. The Dow Jones fell by 0.1% to close at 33,618. Meanwhile, the S&P 500 gained 0.05% to settle at 4,138, and the Nasdaq Composite jumped 0.1%, closing at 12,256.
Index Action
Nifty50
May Futures @ 18,317 📈▲187 (+1.0%)
OI Contracts: 2,16,507 (+6.7%)
The Nifty50 resumed its uptrend after a day'sday's pause and hit a new 2023 high of 18,286 during the day. The index opened in green and gained momentum as the day progressed before settling near the day's high point. The index took support at the 18,100 level, close to the lower band of the upward sloping in which it sits comfortably.
The index has surpassed the previous week's high, and strong buying has resulted in a shift in the base level from 18000 to 18200.
Sectorally, Auto (+1.7%) and Private Bank (+1.7%) were the top gainers, whereas PSU Bank (-0.9%) and Media (-0.6%) were the laggards.
The Nifty50 options expiring on 11 May have significant positions at 18,500 and 18,300 calls and 18,200 and 18,100 puts.
According to options data and OI analysis, the Nifty50's long range for the 25th May expiry is between 17,700 and 18,700. On the other hand, 18,100 and 18,400 is the short-term range for this week.
Bank Nifty
May Futures @ 43,330 📈▲617 (+1.4%)
OI Contracts: 95,029 (+2.9%)
The Bank Nifty staged a smart recovery after Friday's sharp fall. The banking index held above the Friday low level of 42,650 and ended with gains of nearly 1.5%. Private banks led the rebound, whereas the PSU banks continued to face pressure. Despite today's up move, the bank nifty is yet to crossover back into the upward moving that started in mid-March.
Among banking stocks, IndusInd Bank (+4.9%) and AU Small Finance (+2.5%) were the top gainers, while Punjab National Bank (-0.4%) and Bank of Baroda (-0.2%) were the laggards.
The Bank Nifty's options expiring on 11 May have significant positions at the 43,500 and 44,000 calls and 43,000 and 42,000 puts.
According to options data and OI analysis, Bank Nifty's range for the 25th May expiry is between 42,300 and 44,300. On the other hand, 42,800 and 43,800 is the short-term range for this week.
FII and DII Data💰
The Foreign Institutional Investors (FIIs) bought shares worth ₹2,134 crore, while Domestic Institutional Investors (DIIs) bought shares worth ₹245 crore in the cash market. In the derivatives market, FIIs bought index futures worth ₹1,306 crore and sold index options worth ₹21,092 crore. Further, they bought stock futures worth ₹2,883 crore and sold stock options worth ₹216 crore.
India VIX
The fear gauge India VIX rose 2.7% to 12.64.
Stock Action📊
Long build-up was seen in Marico, Power Grid, Bajaj Auto, Metropolis and Aarti Industries.
Short build-up was seen in Aditya Birla Fashion, Canara Bank, Britannia, Rain Industries and Pidilite.
Under F&O Ban: BHEL, GNFC and Manappuram Finance.
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