Oil prices climbed sharply on Monday, pushing Brent crude above $90 a barrel for the first time since mid-June, as renewed military action between the United States and Iran heightened concerns over crude supplies moving through the Strait of Hormuz. Brent crude for September settlement rose 2.7% to $90.50 a barrel. US West Texas Intermediate for August delivery gained 2.4% to $84.49 a barrel.
Brent Crude tops $90 a barrel as US-Iran conflict raises fears over Hormuz oil flows – Daily Market Update 20th July 2026
Overview and Outlook
Global Stock Market Today
- US equity markets settled lower in range 0.77% to 1.40%.
- European equity markets, barring FTSE, ended on a negative note.
- Asian equity markets are trading in mix.
- GIFT Nifty is down by 50 points, Nifty futures is likely to open around 24300 levels.
The benchmark Nifty index settled higher at 24334 spot levels after adding 262 points to its previous closing values.
The broader markets underperformed the benchmark as Mid and Small cap indices settled on a slightly negative note.
Majority of sectoral indices, tracked at NSE, ended in green. Among them, Private Bank index was at the top of the tally, gained 2.12% followed by Nifty IT and Auto index that rose 1.75% & 1.24% respectively. On the flip side, Pharma and Healthcare index witnessed profit taking, down over 1% each.
Technically, Nifty index breached past 5-days-long narrow congestion range (24000-24260 spot zone) on the higher side setting up targets around 24500-24550 spot levels. The overall participation was limited to a handful of stocks as advance decline ratio was heavily tilted towards declines with nearly 2 declines for every rising share on NSE; indicating negative divergence. On Monday, sustenance above 24330 will be a positive development that could lead it towards 24500-24550 spot levels in near term. Conversely, fall below 24200 spot could push it back in a fresh consolidation range.
Derivatives Overview & Outlook
Last Friday, Nifty, Banknifty and Finnifty futures moved north on short covering, shed around 4%, 2% and 13% of open interest respectively. On the other hand, Midcapnifty futures added around 4.5% of open interest as short buildup.
Performance on the sectoral front was mix. Among them, Capital Goods, New_age and Power stocks witnessed maximum addition of short positions, on the other hand, FMCG and Finance stocks were up on long buildup.
On options front, put writing along with some call unwinding was seen at multiple OTM strikes. Maximum positions are at 25000 CE followed by 24700 CE and 24000 PE closely followed by 24200 PE.
Institutional Trading Activity
Last week, FIIs sold stocks worth Rs 6793 Cr in the cash segment, bought index futures worth Rs 6016 Cr and sold stocks futures worth Rs 5851 Cr. DIIs too were net buyers in the cash segment to the tune of Rs 9809 Cr.
Nifty Futures, Banknifty Futures and Finnifty Futures Key Levels
Nifty – Resistances 24500-24600; Supports 24200-24000
Banknifty – Resistances 58850-59200; Supports 58000-57500
Finnifty – Resistances 27000-27200; Supports 26800- 26700
F&O stocks in ban today: Kaynes
Important Results Today: ACE, BAJAJHCARE, PAYTM, RALLIS, SHYAMMETL, SOBHA & ULTRACEMCO
Disclosure
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