News highlights from across the globe
The Reserve Bank of India (RBI) has lifted the restrictions on Bajaj Finance's two products eCOM and online digital ‘Insta EMI Card’, with immediate effect, company said in an exchange filing on May 2. The company further said that it would now resume sanction and disbursal of loans in the above two business segments including issuance of EMI cards.
Global Stock Market Today
Important news updates from the domestic front
Nifty Overview & Outlook
Benchmark Nifty index settled on a flat to positive note at 22648 levels after a lackluster trading session.
Midcap index outperformed the benchmark as it was up over 0.5% while Small cap index traded in line with the benchmark, settled on a flat to positive note; resultant, flat market breadth.
Performance on the sectoral front was mix. Nifty Auto and Metal index were at the top of the tally as both the indices gained over 1% each followed by Nifty FMCG, Pharma and Oil & Gas indices that settled higher in range 0.5% to 0.80%. On the other hand, Media index was the top loser, down over 1.5%.
Technically, Nifty index is trading in a upward sloping channel for past couple of weeks. On levels front, support is placed around 22200 levels and resistance is at 22800 levels.
Derivatives Overview & Outlook
Yesterday, no significant activity was seen in Nifty, Banknifty and Finnifty futures on the price front, whereas on open interest front, Nifty and Finnifty futures added around 2.5% & 13% of open interest respectively and Banknifty futures shed around 3% of open interest.
Majority of sectoral indices settled higher. Amongst them, FMCG, Metal and Oil & Gas index witnessed maximum addition of long positions. Some short buildup was seen among Media stocks.
On options front, Nifty will start the new weekly contract with maximum positions at 22700 CE and 22700 PE. Banknifty has maximum positions at 49000 PE and 49500 CE with fresh writing on the both sides, indicating a muted session.
Institutional Trading Activity
Yesterday, FIIs sold stocks worth Rs 964 Cr in the cash segment, bought stocks futures worth Rs 5163 Cr and also bought index futures worth Rs 364 Cr. DIIs were net buyers in the cash segment to the tune of Rs 1352 Cr.
Nifty Futures, Banknifty Futures and Finnifty Key Levels
Nifty – Resistances 22820-22950; Supports 22550-22500
Banknifty – Resistances 49700-50060; Supports 49080-48700
Finnifty – Resistances 21900-22020; Supports 21600-21480
F&O Securities in Ban Today – BIOCON, IDEA, ABFRL.
Important Results Today– ADANIGREEN, AARTIDRUGS, BRITANNIA, GODREJPROP, MRPL, RAYMOND
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