- US equity markets ended mix, Nasdaq was up 1.71% while Dow Jones ended on flat to negative note
- European equity markets were down in range 0.31 to 0.74%
- Asian equity markets are trading in mix
- SGX Nifty is trading down by 40 points (as on 8:30AM)
US economic growth in the first three months of the year was faster than previously estimated
Global Market Update
News highlights from across the globe
Important news updates from the domestic front
Nifty Overview & Outlook
The benchmark Nifty index rebounded smartly from days’ low after two days of decline and settled on a flat to positive note at 18321 levels after adding 35 points to its previous closing values after a highly volatile trading session on monthly expiry day.
Mid-cap index outperformed the benchmark as it was up by 0.69% while Small cap index ended on a flat note. The market breadth was slightly tilted towards the advancing side.
Majority of sectoral indices tracked at NSE settled higher. Amongst them, Nifty Realty was the top performer, up over 1% followed by FMCG index that rose 0.61%. On the other hand, Nifty PSU Bank witnessed some selling pressure, settled lower by 0.45%.
Going ahead, we reiterate our sideways view on the Nifty index till it is trading in 18050-18450 range. Either side break from this range will set the tone for the next directional move in that direction.
Derivatives Overview & Outlook
Yesterday, Nifty & Banknifty futures remained almost unchanged on the price front and shed around 32% of open interest each as long unwinding on expiry day.
Nifty futures rolled 70% into next contracts which were slightly higher than the previous month rollovers of 64% whereas Banknifty futures rolled 78% of open interest into next contracts which were slightly lower than the previous month rollover of 81%.
On options front, Nifty will start the new weekly contract with maximum positions at 18300 PE and 18200 CE.
Institutional Trading Activity
Yesterday, FIIs bought stocks worth Rs 589 Cr in the cash segment, sold stocks futures worth Rs 582 Cr and also sold index futures worth Rs 988 Cr. DIIs were net buyers in the cash segment to the tune of Rs 338 Cr.
Nifty Futures & Bank Nifty Futures Key Levels
Nifty – Resistances 18430-18500; Supports 18250-18125
Banknifty – Resistances 44150-44450; Supports 43700-43400
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