Global oil markets remain on edge after one of the most turbulent trading weeks in years, with Brent crude hovering near the $100-per-barrel mark as tensions around the Strait of Hormuz intensify.
The international benchmark eased slightly after surging more than 9% in the previous session, while US crude benchmark West Texas Intermediate traded close to $96. The sharp moves reflect growing concerns about supply disruptions as geopolitical tensions escalate in the Middle East.
Global Stock Market Today
The benchmark Nifty index extended loses as it settled at 23639 spot levels, down over 200 points amid conflict in Middle East and fresh round of trade concerns.
Broader markets bettered the benchmark as Mid and Small cap indices were down 0.43% & 0.67% respectively against nearly 1% decline in the front line index.
Majority of sectoral indices, tracked at NSE, ended in red. Amongst them, Nifty Auto was the worst performer, down over 3% followed by FMCG, Private Banks and Realty index that fell over 1.5% each.
Gift Nifty is indicating another gap down opening for the domestic markets. Going ahead, we reiterate our sell on rise trading approach on Nifty index and expect it to test 23400-23200 spot levels in near term. Short term volatility is expected to remain higher amid ongoing Middle East conflict and any de-escalation attempt will provide respite.
Derivatives Overview & Outlook
Yesterday, Nifty, Banknifty and Finnifty futures added around 1.5%, 6% & 1% of open interest respectively as short buildup.
Majority of F&O sectors settled lower. Amongst them, Auto, Banking and New_Age stocks witnessed maximum addition of short positions.
On options front, call writing along with some put addition was seen at multiple strikes. Put Call ratio is around 0.72 indicating continuation of sell on rise trading approach.
Institutional Trading Activity
Yesterday, FIIs further sold stocks worth Rs 7050 Cr in the cash segment, sold stocks futures worth Rs 164 Cr and also sold index futures worth Rs 3108 Cr. On the other hand, DIIs were net buyers in the cash segment to the tune of Rs 7450 Cr.
Nifty Futures, Banknifty Futures and Finnifty Futures Key Levels
Nifty – Resistances 23850-23950; Supports 23550-23400
Banknifty – Resistances 55000-54650; Supports 55800-56100
Finnifty – Resistances 25950-26100; Supports 25550- 25400
F&O stocks in ban today – SAIL, SAMMAANCAP
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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