US President Donald Trump said on Wednesday that the war between the United States and Iran would end “immediately” after the November 3 midterm elections, even as he ruled out an early return to nuclear negotiations with Tehran.
This war will end immediately after our election,” Trump told reporters before boarding Air Force One for a trip to Dallas, Texas, where he was scheduled to address the Republican Party’s first-ever midterm convention.
Global Stock Market Today
The benchmark Nifty index settled lower at 23431 spot levels after a cut of over 200 points from its previous closing values.
The broader markets fell inline with the benchmark as Mid and Small cap indices were down around 0.5% each.
All sectoral indices, barring Metal that gained 1.79%, ended in red. Among them, Nifty IT and Realty index were the worst performers, down 3.24% & 2.23% respectively followed by Financial Services index that fell 1.25%.
The Nifty index breached price support of 23600 spot level with a downside gap amid a fresh round of escalation in the Middle East between Iran and the US. Brent Crude prices touched the $100 mark again, leading to negative sentiment among equity traders/investors. Going ahead, we expect the ongoing corrective move in the Nifty index to halt around the 23,000–23,200 spot levels, and any pullback up to the 23600–23650 spot levels will provide a selling opportunity.
Derivatives Overview & Outlook
Yesterday, all index futures settled lower on short buildup as Nifty, Banknifty, Finnifty and MidcpNifty futures added 4.5%, 4.7%, 3.3% and 1.3% of open interest respectively.
Majority of the sectoral indices settled on a negative note. Among them, Banking, Cement, Pharma, Realty and Technology stocks witness maximum addition of short position, whereas some long buildup was seen among Telecom stocks.
On options front, both call writing along with put addition was seen at multiple OTM strikes. Maximum positions are at 24000 CE followed by 23700 CE and 23000 PE followed by 23500 PE.
Institutional Trading Activity
Yesterday, FIIs sold stocks worth Rs 583 Cr in the cash segment, sold index futures worth Rs 2258 Cr and also sold stocks futures worth Rs 1333 Cr. DIIs were net buyers in the cash segment to the tune of Rs 1509 Cr.
Nifty Futures, Banknifty Futures and Finnifty Futures Key Levels
Nifty – Resistances 23700-23800; Supports 23400-23300
Banknifty – Resistances 57100-57500; Supports 56300-56000
Finnifty – Resistances 25700-25850; Supports 25400- 25300
F&O stocks in ban today: KAYNES, INOXWIND, LICHSGFIN, MANAPPURAM FIN, SAIL & BANDHANBANK
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