Oil prices climbed more than 2% on Tuesday, pushing Brent crude above $85 a barrel for the first time in a month, after U.S. President Donald Trump announced plans to impose shipping fees on vessels using the Strait of Hormuz and reinstate a naval blockade of Iranian ports.
Trump said the United States would charge ships transiting the Strait of Hormuz “at the rate of 20% on all cargo shipped”, describing the U.S. as the “guardian” of the strategic waterway. In a post on Truth Social, he also said Washington would reinstate its blockade of Iranian ports near the strait
Brent Crude jumps above $85 as Trump’s Hormuz shipping fees stoke supply fears – Daily Market Update 14th July 2026
Overview and Outlook
Global Stock Market Today
- US equity markets settled lower in range 0.26% to 1.55%.
- European equity markets ended on a flat to positive note.
- Asian equity markets are trading lower.
- GIFT Nifty is down by 150 points, Nifty futures is likely to open around 24050 levels.
Following a gap-down opening, the benchmark Nifty index rebounded from the price and gap support of 24000 spot levels to settle on a flat to positive note.
The broader markets performed inline with the benchmark as Mid and Small cap indices too ended on a flat to positive note.
Performance on the sectoral front was mix. Among them, Nifty IT was at the top of the tally, gained over 3.5% followed by Media and Consumer Durables index that rose 2.09 & 1.15% respectively. On the other hand, FMCG and Cement pack were at the bottom of the tally, down around 1% each.
Technically, Nifty index is consolidating in a ‘Broadening’ formation having immediate supports around 23800 spot levels and resistances around 24600 spot levels. A break on either side of 23800-24600 spot zone is essential for a sustainable move in that direction. Within this range, a move and sustenance above 24300 could lead it towards 24600 spot levels, conversely, a fall below 23960 spot could drag it back to 23800 spot levels. Hence, we suggest traders to maintain a stocks-specific trading approach as long as the index is trading in an indecisive consolidation range.
Derivatives Overview & Outlook
Yesterday, Banknifty futures settled on a slightly positive note on short covering, shed 3% of open interest, whereas no significant changes were observed in Nifty and Midcapnifty futures on open interest as well as on price front. Finnifty futures added 5% of open interest without any change in price.
On the sectoral front, short buildup was seen among New_Age, Capital Goods, Chemicals and Pharma stocks while some long buildup was seen among Technology and Textile stocks.
On options front, put writing was seen at multiple strikes alongside with some call unwinding. Maximum positions are at 24000 PE and 24500 CE closely followed by 24300 CE. PCR for current week expiry is around 1.60 indicating towards slightly overbought positions.
Institutional Trading Activity
Yesterday, FIIs sold stocks worth Rs 3062 Cr in the cash segment, sold index futures worth Rs 76 Cr and also sold stock futures worth Rs 948 Cr. DIIs were net buyers in the cash segment to the tune of Rs 2172 Cr
Nifty Futures, Banknifty Futures and Finnifty Futures Key Levels
Nifty – Resistances 24320-24500; Supports 24100-24000
Banknifty – Resistances 58600-59000; Supports 58000-57500
Finnifty – Resistances 27000-27100; Supports 26800- 26700
F&O stocks in ban today: Kaynes
Important Results Today: LTTS, JINDALSAW & TATAELXSI
Disclosure
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