Oil prices surged on Monday after US President Donald Trump rejected Iran’s latest proposal to end the conflict in the Middle East, dashing hopes of a quick breakthrough and reinforcing fears that the Strait of Hormuz will remain severely disrupted. Brent crude rose as much as 3.5% to $104.80 a barrel, while West Texas Intermediate climbed toward $99.
Crude Oil rally resumes with Brent near $105 after Trump rejects Iran’s latest proposal- Daily Market Update 11th May 2026
Overview and Outlook
Global Stock Market Today
- US equity markets settled higher in range 0.03% t0 1.71%.
- European equity markets settled lower in range 0.4% to 2.3%.
- Asian equity markets are trading with a negative bias.
- GIFT Nifty is down by 190 points, Nifty futures is likely to open around 24050 levels.
The benchmark Nifty index ended lower at 24176 spot levels after a cut of 150 points from its previous closing values amid fresh firing incident between the US and Iran in the Strait of Hormuz.
Performance on the broader front was mix and muted as Midcap index settled on a flat to negative note while Small cap rose slightly.
Performance on the sectoral front was no different. Amongst them, PSU Bank index was the worst performer, down over 3% due to sharp 7% decline in SBIN share prices. On the flip side, IT index was the best performer, gained 1.21%.
Gift Nifty is indicating a negative opening for the domestic markets amid rising tension between the US and Iran over the Strait of Hormuz. Technically, Nifty index is consolidating in a narrow range of some 800 odd points with immediate supports around 23800 and resistance at 24600 spot levels. A either side break from this range is essential for the next short term directional move in that direction.
Derivatives Overview & Outlook
Last Friday, Nifty, BankNifty and Finnifty futures added around 2%, 7% and 7% of open interest respectively as short buildup along with some long unwinding in Midcapnifty futures with a decrease in open interest by 3.4%.
Majority of F&O sectors settled on a negative note. Amongst them, Banking and Finance stocks witnessed maximum addition of short positions whereas some long buildup was seen among FMCG and Telecom stocks.
On option front, call writing along with some put unwinding was seen at multiple strikes. Maximum positions are at 25500 CE followed by 24500 CE and 23500 PE followed by 24000 PE.
Institutional Trading Activity
Last week, FIIs sold stocks worth Rs 10318 Cr in the cash segment, sold stocks futures worth Rs 6042 Cr and also sold index futures worth Rs 3963 Cr. DIIs were net buyers in the cash segment to the tune of Rs 21393 Cr.
Nifty Futures, Banknifty Futures and Finnifty Futures Key Levels
Nifty – Resistances 24320-24500; Supports 24150-24020
Banknifty – Resistances 56000-56500; Supports 55000-55500
Finnifty – Resistances 26200-26300; Supports 25950- 25800
F&O stocks in ban today: NIL
Important Results Today: ABBOTINDIA, ANANTRAJ, CANBK, GREENPOWER, HERITGFOOD, INDHOTEL, JBCHEPHARM, JSWENERGY, SHYAMMETL & UPL.
Disclosure
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