Oil prices held near multi-month highs on Wednesday as traders weighed signs that the US and Iran could be moving closer to an arrangement over the Strait of Hormuz, even as physical traffic through the critical waterway remains severely disrupted. Brent crude traded near $89 a barrel after gaining 12% over the previous five sessions, while West Texas Intermediate was above $83.
Brent Crude prices at $89 after Oil’s five-day rally as Iran-US deal comes into view again – Daily Market Update 12th Aug 2026
Overview and Outlook
Global Stock Market Today
- US equity markets settled on a flat to negative note
- European equity markets, barring DAX, ended in red.
- Majority of Asian equity markets are trading with a positive bias.
- GIFT Nifty is up by 50 points, Nifty futures is likely to open around 24570 levels.
The Nifty index witnessed a slight decline as it tested the lower band of its past six sessions’ trading range (24400–24730 spot zone).
The broader markets outperformed the benchmark as Mid and Small cap indices ended on a flat to positive note.
The performance on the sectoral front was mix. Among them, Nifty Cement was the worst performer, down 1.57% followed by FMCG, Realty and Metal index that fell around 1% each. On the flip side, Nifty Pharma and IT index led the bulls, gained 1.02% & 0.61% respectively.
At the current juncture, it is trading on the verge of a breakdown on the lower side of this range. We reiterate our sideways view on the Nifty index as long as it holds within 24400-24730 spot zone on closing basis. A move and sustenance below the 24400 spot level could drag it towards 24130–24050 spot levels in the near term.
Derivatives Overview & Outlook
Yesterday, short buildup was seen in Finnifty futures with an increase in open interest by 1.6%, Midcapnifty futures added 5.6% of open interest without change in price. On the other hand, no significant changes were observed in Nifty and Banknifty futures on open interest front.
Majority of F&O sectors settled lower. Among them, Chemical, Finance, Infrastructure and Textile stocks witnessed maximum addition of short positions while some short covering was seen among New-age and Oil & Gas stocks.
On options front, Nifty will start the new weekly series of August contract with maximum positions at 25000 CE and 24000 PE.
Institutional Trading Activity
Yesterday, FIIs bought stocks worth Rs 259 Cr in the cash segment, sold index futures worth Rs 647 Cr and also sold stocks futures worth Rs 921 Cr. DIIs too were net buyers in the cash segment to the tune of Rs 5 Cr.
Nifty Futures, Banknifty Futures and Finnifty Futures Key Levels
Nifty – Resistances 24720-24850; Supports 24450-24300
Banknifty – Resistances 57800-58200; Supports 57200-56800
Finnifty – Resistances 26700-27950; Supports 26400- 26300
F&O stocks in ban today: BANDHANBANK & SAIL.
Important Results Today: ABBOTINDIA, APOLLOHOSP, ASTRAL, CHENFERRO, GSFC, HAL, IRCON, IRCON, NFL & RELIGARE.
Disclosure
Globe Capital Market Limited (“GCML”) is a Stock Broker registered with BSE, NSE, MCX, NCDEX, and MSEI in all the major segments viz. Capital, F & O and CDS segments. GCML is also a Depository Participant and registered with both the Depositories viz. CDSL and NSDL. Further, GCML is a SEBI registered Portfolio Manager and Research Analyst. GCML includes subsidiaries, group and associate companies, promoters, directors, employees and affiliates. AY Securities and Commodities Limited, Globe Derivatives and Securities Limited & Globe Fincap Limited are subsidiaries of GCML. AtoZ Finstock Private Limited, A to Z Consultants Private Limited, A to Z Venture Capital Limited, M. Agarwal Stock Brokers Private Limited, A M Share Brokers Private Limited, Shri Adinath Advertising Company Pvt. Ltd., Orient Landbase Private Limited, Bolt Synthetic Private Limited, Price ponder Private Limited and Lakshya Impex Private Limited are the associates of GCML.
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