Billionaire Mukesh Ambani’s Jio Platforms, India’s largest wireless operator and digital service provider, filed draft papers for an initial public offering on Friday. The IPO will see the company issue up to 27 Cr shares, as per an exchange filing. Jio Platforms said in its draft prospectus that funds raised will be used to pare the debt of the company’s subsidiary, Reliance Jio Infocomm, which is India’s largest wireless operator.
India’s largest telecom and digital service provider Jio Platforms files for IPO- Daily Market Update 22nd June 2026
Overview and Outlook
Global Stock Market Today
- The US Stock market was closed on Friday on account of Juneteenth, a federal holiday.
- European equity markets ended on a flat to negative note.
- Asian equity markets are trading mix.
- GIFT Nifty is up by 80 points, Nifty futures is likely to open around 24130 levels.
The benchmark Nifty index ended lower at 24013 spot levels after a lackluster trading sessions following a gap-down opening.
The broader markets outperformed the benchmark as Mid and Small cap indices settled higher.
Performance on the sectoral front was mix. Among them, Nifty IT was the worst performer, down 3.65% followed by Oil & Gas and Realty index that fell over 1% each. On the other hand, Pharma and Healthcare were the best performers, gained 0.75% each.
The Gift Nifty is indicating a slightly gap-up opening for the domestic markets. Going ahead, we reiterate our buy on dips trading approach as long as the index is holding above 23750 spot levels on closing basis. A decisive close above 24200 spot could lead it towards 24500-24600 spot levels. The 24600 spot levels will act as a strong positional resistance and a weekly close above the same will convert the medium term sideways trend to the bullish one. Conversely, sustained trading below 23750 could drag it towards 23600-23500 spot levels in near term.
Derivatives Overview & Outlook
Last Friday, Nifty and Banknifty futures added around 2% and 1.5% of open interest respectively as short buildup along with some long unwinding in Finnifty futures that shed 1.2% of open interest. On the other hand, no significant change was observed in Midcapnifty futures on price as well as on open interest front.
Majority of F&O sectors settled on a negative note. Amongst them, Automobile, Chemical, Infra and Technology stocks witnessed maximum addition of short positions.
On options front, call writing along with some put unwinding was seen at multiple OTM strikes. Nifty has maximum positions at 25000 CE followed by 24500 CE and 23500 PE followed by 24000 PE.
Institutional Trading Activity
Last Week, FIIs bought stocks worth Rs 7837 Cr in the cash segment, sold stocks futures worth Rs 7189 Cr and bought index futures worth Rs 2576 Cr. DIIs too were net buyers in the cash segment to the tune of Rs 7107 Cr during the week.
Nifty Futures, Banknifty Futures and Finnifty Futures Key Levels
Nifty – Resistances 24200-24350; Supports 23900-23800
Banknifty – Resistances 58300-58700; Supports 57500-57000
Finnifty – Resistances 26700-26800; Supports 26300- 26200
F&O stocks in ban today: KAYNES
Disclosure
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