Oil prices slipped on Friday as traders balanced fresh uncertainty over the Strait of Hormuz against escalating risks to Russian energy infrastructure. WTI crude was down 0.29% at $83.29 a barrel, while Brent crude fell 0.19% to $88.35 in early trade on August 28.
Brent had rebounded in the previous session, but the broader weekly trend remained weaker as markets assessed whether diplomatic efforts involving Iran could eventually improve crude flows through the key Middle East chokepoint.
Global Stock Market Today
The benchmark Nifty index settled slightly lower at 24090.85 spot levels after a cut of 116 points from its previous closing values.
The broader markets slightly outperform benchmark as the Mid and Small cap index ended on a flat note against 0.48% decline of front line index.
The performance on the sectoral front was mix. Among them, Nifty Cement was the worst performer, down 1.33% followed by Nifty Media, Metal, PSU Bank and Oil & Gas which were down around 1% each. On the flip side, Pharma, Private Bank, Healthcare and Consumer Durables index gained in range 0.10% to 0.84%.
The overall technical chart structure is sideways as long as the index is trading in 23800-24500 spot zone. Lack of fresh domestic triggers indicating towards further consolidation in immediate near term. On levels front, cross and sustenance above 24400 could lead it towards 24450 spot levels in near term; conversely, a fall below 24180 spot could drag it back to 24000 spot levels.
Derivatives Overview & Outlook
Yesterday, Nifty, Finnifty and Midcapnifty futures added around 6%, 3%and 2% of open interest respectively as short buildup, whereas no significant change was observed in Banknifty futures on open interest front.
Majority of sectoral indices settled lower. Among them, Finance, Infrastructure and Telecom stocks witnessed maximum addition of short positions, whereas some long buildup was seen in Capital Goods and Pharma stocks.
On options front, call writing along with some put addition was seen at multiple OTM strikes. Maximum positions are at 24300 CE closely followed by 24400 & 24500 CE and 24000 PE followed by 23500 PE
Institutional Trading Activity
Yesterday, FIIs sold stocks worth Rs 298 Cr in the cash segment, sold index futures worth Rs 1871 Cr and also sold stock futures worth Rs 1715 Cr. DIIs were net sellers in the cash segment to the tune of Rs 4977 Cr.
Nifty Futures, Banknifty Futures and Finnifty Futures Key Levels
Nifty – Resistances 24400-24550; Supports 24150-24000
Banknifty – Resistances 58200-58800; Supports 57500-57200
Finnifty – Resistances 26600-26700; Supports 26400- 26300
F&O stocks in ban today: LICHSGFIN & SAIL.
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