Asian Markets Update @ 7 am
The SGX Nifty was trading higher, up by 0.3% or 57 points from its previous close, suggesting a positive start for the Nifty50 today. Major Asian markets are trading in the green. Nikkei 225 in Japan was flat with a gain of just 0.01%, while Hong Kong's Hang Seng index rose 0.8%.
Global Markets Update
US stocks continued the upward march and ended near the high point of the day with investors increasing bullish bets ahead of today’s inflation data. The Dow Jones rose 0.8% to close at 33,973. The S&P 500 gained 1.2% and ended the day at 3,969. The tech-focused Nasdaq Composite rose 1.7% and closed at 10,931.
Index Action
Nifty50
January Futures: 17,960 📉▼ 26 (-0.1%)
The Nifty50 moved higher after a flat start but saw selling pressure near the 17,975 level. It ended a volatile session marginally lower, below 17,900.
Among major sectoral indices, Metal (+0.7%) and PSU Bank (+0.7%) were the top gainers, while FMCG ( -1.1%) and Pharma (-0.6%) were the biggest laggards.
Nifty50’s options contracts expiring on 12 January have sizable positions at 18,000 and 18,100 call options and 18,000 and 17,800 put options.
As per options data and OI analysis, the broad range for the Nifty50 is between 17,200 and 18,600 levels. On the other hand, 17,700 and 18,100 are the critical levels to watch for the current week.
Bank Nifty
January Futures: 42,375 📈▲ 158 (+0.3%)
After an initial dip to the 41,700 level, the Bank Nifty witnessed buying interest and reclaimed the 42,000 mark. It outperformed the Nifty50 and closed 0.5% higher.
Among stocks, Punjab National Bank (+2.3%) and IDFC First Bank (+1.7%) were the top gainers, while IndusInd Bank (-1.1%) and Bandhan Bank (-0.6%) were the top losers.
Bank Nifty’s options contracts expiring on 12 January have sizable positions at 42,500 and 43,000 call options and 42,000 and 41,500 put options.
As per options data and OI analysis, the broad range for the Bank Nifty is between 41,500 and 43,300 levels. On the other hand, 41,800 and 42,700 are the critical levels to watch for the current week.
FII and DII Data**💰
The Foreign Institutional Investors (FIIs) sold shares worth ₹3,208 crore, while Domestic Institutional Investors (DIIs) bought shares worth ₹2,430 crore in the cash market. In the derivatives market, FIIs sold index futures worth ₹102 crore and sold index options worth ₹1,224 crore. Further, they sold stock futures worth ₹192 crore and sold stock options worth ₹97 crore.
India VIX
The India VIX, which measures the implied volatility of Nifty50 options, fell 0.4% to 15.44.
Stock Action📊
Long build-up was seen in NALCO, Hindustan Copper, Indigo, Hindalco and Bharat Petroleum.
Short build-up was seen in Bharti Airtel, Coforge, Sun TV, SRF and Biocon.
Under F&O Ban: GNFC and Indiabulls Housing Finance.
*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.