India is preparing to dispatch its trade negotiators to Washington DC for a fresh round of discussions with the United States, as both sides attempt to salvage momentum under the framework of a potential limited trade deal.
The move comes after the July 9 tariff pause deadline was extended to Aug. 1, providing more room for dialogue.
Global Stock Market Today
Indian equity benchmark Nifty index ended on a weak note at 25355 spot levels, down 121 points on weekly expiry day.
Broader markets fell in line with the benchmark as Mid and Small cap index ended on a slightly negative note.
Majority of sectoral indices, tracked at NSE, ended in red. Amongst them, PSU Banks, IT, FMCG, Pharma and Health care index were down just over 0.5% each. On the flip side, Realty and Metal index were up in range 0.4% to 0.8%.
Technically, Nifty index is trading in a downward sloping channel having immediate supports around 25200 and resistance at 25550 spot levels. At current juncture, it seems to wait for some fresh triggers amid tariff related uncertainty.
Derivatives Overview & Outlook
Yesterday, Nifty and Midcpnifty futures added around 1.5% & 1% of open interest respectively as short positions, whereas Banknifty and Finnifty futures shed around 2.5% & 1% of open interest as long unwinding.
On the sectoral front, short buildup was seen among Chemicals and Pharma stocks along with long unwinding among Banking and Textile stocks.
On options front, nifty will start the new weekly contract with maximum positions at 25500 CE and 24000 PE.
Institutional Trading Activity
Yesterday, FIIs bought stocks worth Rs 221 Cr in the cash segment, sold stocks futures worth Rs 3851 Cr and also sold index futures worth Rs 1834 Cr. DIIs were net buyers in the cash segment to the tune of Rs 591 Cr.
Nifty Futures, Banknifty Futures and Finnifty Futures Key Levels
Nifty – Resistances 25500-25600; Supports 25260-25180
Banknifty – Resistances 57500-57750; Supports 56900-56600
Finnifty – Resistances 27225- 27315; Supports 26950-26850
F&O Security in Ban Today: HINDCOPPER, RBLBANK
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