Global oil prices surged sharply after two tankers were attacked in Iraqi waters, forcing the country to suspend operations at its oil terminals and intensifying concerns about supply disruptions in an already volatile Middle East.
Brent crude climbed as much as 7.9% to $99.24 a barrel, while West Texas Intermediate (WTI) surged close to $94, as traders reacted to the heightened geopolitical risk and the potential impact on global supply.
Global Stock Market Today
The benchmark Nifty index ended sharply lower at 23867 spot levels, falling nearly 400 points from its previous closing values.
Small cap index outshined the benchmark as it settled on a flat to negative note, whereas Mid cap index fell inline with the benchmark.
Majority of sectoral indices, tracked at NSE, ended in red. Amongst them, rate sensetive sectors like Auto, Banking, Financial Service and Realty index led the declines, down in range 1.7% to over 3%.
The pullback rally that started on Monday fizzled out after facing resistance around the price resistance zone of 24350 spot levels. Going ahead, sustained trading below 23800 spot levels might drag it towards 23400-23200 spot levels in near term. On the flip side, 24300-24400 spot zone will act as immediate resistance on the higher side. Short term volatility is going to stay for some time. Any de-escalation in ongoing conflict will be a sentiment booster for equity markets across the globe.
Derivatives Overview & Outlook
All index futures slid lower on short buildup. Nifty, Banknifty, Finnifty futures added around 6 to 7% of open interest as short positions.
Performance on the sectoral front was no different. Amongst them, Oil & Gas, IT and Textile witnessed maximum addition of short positions.
Call writing alongside some put addition was seen at multiple strikes. Put Call Ratio is at 0.6 indicates a sell on rise trading approach.
Institutional Trading Activity
Yesterday, FIIs further sold stocks worth Rs 6267 Cr in the cash segment, sold stocks futures worth Rs 1710 Cr and also sold index futures worth Rs 3034 Cr. On the other hand, DIIs were net buyers in the cash segment to the tune of Rs 4966 Cr.
Nifty Futures, Banknifty Futures and Finnifty Futures Key Levels
Nifty – Resistances 24150-24350; Supports 23800-23600
Banknifty – Resistances 56350-56700; Supports 55400-54800
Finnifty – Resistances 26220-26400; Supports 25700- 25300
F&O stocks in ban today – SAIL, SAMMAANCAP
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