Asian Market Update @ 7:30am
The SGX Nifty was trading higher by 110 points at 7:30 am, indicating a positive start for the Nifty50 today. Major Asian markets traded mixed. Japan’s Nikkei 225 rose 0.1%, while Hong Kong’s Hang Seng index jumped 2.4%.
Global Market Update
US markets took a break from last week’s big gains and closed Monday’s session lower. Despite Monday’s losses, all three major indexes ended a two-month losing streak. The Dow Jones jumped nearly 14% in October, its biggest monthly gain since 1976.
Meanwhile, the Dow Jones fell 0.3% to 32,732 on Monday, while the S&P 500 slipped 0.7% to 3,871. The technology-focused Nasdaq Composite fell 1% and closed the session at 10,988. European markets closed yesterday’s session flat to positive in the range of 0.08% to 0.6%.
Nifty50 @ 18,012 📈▲ 225 (+1.2%)
After a strong gap start, the Nifty50 index moved higher and closed in the green for the third consecutive day. The headline index also managed to close above the psychologically important 18,000 level for the first time in six weeks.
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All major sectoral indices closed in the green, with IT (+1.4%), Auto (+1.4%) and Oil & Gas (+1.3%) the best performers.
The Nifty50 options contract expiring on November 3 had large positions at 18,000 and 18,500 call options and 17,800 and 17,700 put options.
According to options data and OI analysis, the wide range for Nifty50 is between 17,300 and 18,600 levels. On the other hand, 17,700 and 18,300 are critical levels to watch for next week.
Bank Nifty @ 41,307 📈▲ 317 (+0.7%)
Bank Nifty started the session on a positive note and after the initial fall it moved in an upward direction. The 12-pack index traded in a narrow range throughout the day and found support near the 41,100 level.
Among stocks, HDFC Bank (+2.6%) and AU Small Finance Bank (+2.6%) were among the top performers, while Bandhan Bank (-10%) and Punjab National Bank (-1.0%) declined the most.
The Bank Nifty options contract expiring on November 3 has large positions at 42,000 and 41,500 call options and 41,000 and 40,500 put options.
According to options data and OI analysis, the broad range for Bank Nifty is between 40,500 and 42,200 levels. Conversely 41,000 and 41,700 are critical levels to watch for the week ahead.
FII and DII data**💰
In the cash market, FIIs bought shares worth ₹4,178 crore, while DIIs sold shares worth ₹1,107 crore. In the derivatives market, FIIs bought index futures worth ₹1,553 crore and sold index options worth ₹1,106 crore. Further, they bought stock futures worth ₹1,849 and bought stock options worth ₹29 crore.
India’s VIX, which measures the implied volatility of Nifty50 options declined 0.7% to 15.80.
Long construction has been seen in Voltas, JK Cement, ABFRL, Deepak Nitrite, Abbott India and Dalmia Bharat.
Short construction has been seen in Intellectual Design, Bandhan Bank, Vedanta, Cholamandalam Investment and M&M Financial.
Today’s main results: Sun Pharma, Adani Ports, Tech Mahindra, Cholamandalam Investments, UPL, Punjab National Bank and Voltas.
*In Futures and Options or F&O, a long build means an increase in Open Interest (OI) along with an increase in price, and a short build means an increase in Open Interest (OI) along with a decrease in price.
**Source: nseindia.com. Cash market figures are temporary.
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