President Donald Trump said he plans to impose 25% tariffs on all imports of steel and aluminum, broadening his trade salvos and threatening ties with some of America’s top trading partners.
Trump, speaking to reporters on Sunday, said the tariffs would apply to imports of the metals from all countries. Asked whether Mexico and Canada would be included, he said the levies would cover “everybody.” He didn’t specify when the duties would take effect.
Global Stock Market Today
Nifty Overview & Outlook
Benchmark Nifty index settled lower at 23603 levels after a cut of 93 points from its previous closing values.
Benchmark Nifty index settled marginally lower at 23560 levels after a cut of just 43 points from its previous closing values.
Performance on the broader front was mix. Mid cap index gained 0.32%, on the other hand, Small cap index traded in line with the benchmark, settled on a slightly negative note.
Performance on sectoral front was no different. Metal index was at the top of the tally, gained 2.66% followed by Consumer Durables that gained 0.97%. On the other hand, FMCG, Media and PSU Bank index led the declines, fell over 1% each.
Technically, Nifty index is well placed on short term charts till it is holding above 23200 spot levels on closing basis. Hence, we suggest traders to maintain buy on dips trading approach till it is holding above the said levels.
Derivatives Overview & Outlook
Last Friday, Banknifty and Finnifty futures added around 3% & 1.5% of open interest respectively as short buildup, Midcapnifty futures shed around 1.5% of open interest as short covering. On the other hand, no significant change was seen in Nifty futures on price as well as on open interest front.
Performance on the sectoral front was mix. Amongst them, short buildup was seen among Infra, Banking, FMCG and Oil & Gas stocks along with some long unwinding in Media stocks, whereas some long buildup was seen among Cement and Chemical stocks.
On options front, call writing along with some put writing was seen at multiple strikes and maximum positions are at 25500 CE followed by 25000 CE and 22500 PE.
Institutional Trading Activity
Last week, FIIs sold stocks worth Rs 7811 Cr in the cash segment, sold stocks futures worth Rs 2655 Cr and bought index futures worth Rs 2015 Cr. DIIs were net buyers in the cash segment to the tune of Rs 6449 Cr during the week.
Nifty Futures, Banknifty Futures and Finnifty Key Levels
Nifty – Resistances 23850-23920; Supports 23620-23500
Banknifty – Resistances 50800-51050; Supports 50350-50100
Finnifty – Resistances 23850- 23920; Supports 23650-23550
F&O Security in Ban Today: NIL
Important Results Today : APOLLOHOSP, AVANTIFEED, BATAINDIA, ENGINERSIN, GRASIM.
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