NSE Share Bazaar Witnesses Bullish Surge on 29 January 2024: FII DII Data and Option Chain Analysis

On 29 January 2024, the NSE Share Bazaar witnessed a bullish surge, marked by notable gains in both the NIFTY and BANKNIFTY indices. The market opened with a significant gap, setting the tone for a day dominated by positive momentum. This article delves into the key data points, focusing on the performance of NSE indices, top gainers and losers, and the impact of FII/DII trading activities, shedding light on the factors that contributed to the bullish rally.

Today’s NSE Share Bazaar

NIFTY Performance: On 29 January 2024

NIFTY, the flagship index, opened at 21,433.10 on 29 January 2024, with a remarkable gap compared to the previous close of 21,352.60. Throughout the trading day, it surged to a high of 21,763.25, reflecting a robust upward movement. The closing price settled at 21,737.60, marking a notable 1.8% change. The positive momentum was largely attributed to the stellar performance of heavyweight Reliance Industries Limited (RIL), which rallied over 7%.

Top Gainers and Losers in NIFTY:

Among the top gainers in the NIFTY Index were ONGC, Reliance, and Coal India. On the flip side, the top losers included Infosys, ITC, and Cipla, underlining the diverse movements within the index components.

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BANKNIFTY Performance: On 29 January 2024

BANKNIFTY also displayed a bullish trend, opening at 45,171.50 and reaching a high of 45,660.35 during the day. The closing price settled at 45,442.35, reflecting a positive change of 1.28%. The real action, however, was observed in NIFTY, overshadowing the gains in the banking sector.

Influence of DII Buying:

One of the key drivers behind the day’s rally was the significant buying activity by Domestic Institutional Investors (DIIs). Their net buying value stood at 3,221.34 Crores on 29 January 2024, amplifying the market strength.

Index-wise Performance:

  • NIFTY NEXT 50: Opened at 54,564.20, reached a high of 55,081.20, and closed at 55,012.60, marking a 1.33% change.
  • NIFTY AUTO: Opened at 18,631.00, reached a high of 18,949.60, and closed at 18,927.25, reflecting a 1.68% change.
  • NIFTY MIDCAP 50: Opened at 13,293.60, reached a high of 13,556.80, and closed at 13,543.80, showing a substantial 2.29% change.
  • NIFTY FMCG: Displayed a marginal decline, opening at 55,058.15, reaching a high of 55,470.50, and closing at 55,139.10, with a minor -0.14% change.
  • NIFTY IT: Witnessed a modest increase, opening at 36,553.80, reaching a high of 36,653.25, and closing at 36,531.90, reflecting a 0.1% change.
  • NIFTY METAL: Opened at 7,766.65, reached a high of 7,853.95, and closed at 7,843.75, displaying a robust 1.6% change.
  • NIFTY PHARMA: Opened at 17,511.35, reached a high of 17,676.90, and closed at 17,623.60, with a 0.52% change.
  • NIFTY PSU BANK: Opened at 5,990.60, reached a high of 6,104.20, and closed at 6,073.90, showing a significant 2.43% change.

FII/FPI & DII Trading Activity in Cash: On 29 January 2024

On 29 January 2024, FII/FPI and DII trading activities were vibrant in the Capital Market segment. DIIs showcased a net buying value of ₹3,221.34 Crores, while FII/FPI recorded a net value of ₹110.01 Crores.

FII Derivative Statistics For 29 January 2024

FII Derivative Statistics For 29 January 2024

Option Chain Analysis:

For NIFTY’s 1 Feb 2024

Expiry, notable changes in Open Interest Calls included 21800CE (32,576), 21700CE (16,095), and 21400CE (-17,663). In Puts, 21700PE (50,043), 21600PE (65,336), and 21800PE (19,674) witnessed substantial changes.

For BANKNIFTY’s 31 Jan 2024

Expiry, significant changes in Open Interest Calls were observed in 45500CE (94,580), 45000CE (-43,346), and 45600CE (67,827). In Puts, 45500PE (1,28,486), 45400PE (55,883), and 45600PE (37,772) showed notable changes.

Conclusion:

The NSE Share Bazaar exhibited a robust bullish trend on 29 January 2024, driven by strong performances in NIFTY and BANKNIFTY indices. The day’s rally was influenced by DII buying, underlining the importance of institutional activity in shaping market trends. Option chain analysis indicated active participation and strategic moves in both NIFTY and BANKNIFTY, adding an intriguing dimension to the day’s market dynamics. Investors and traders, armed with these insights, can navigate the market with a more informed perspective.

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