US President Donald Trump said that a second round of talks with Iran could be held in Islamabad “over the next two days”, according to a media report on Tuesday.
“You should stay there, really, because something could be happening over the next two days, and we’re more inclined to go there,” Trump told The New York Post.
Global Stock Market Today
The benchmark Nifty index ended lower at 23843 spot levels after a cut of over 200 points from its previous closing values.
Broader markets marginally outperformed the benchmark as Mid and Small cap indices were down just around 0.5% each against nearly 1% decline in the frontline index.
All sectoral indices, tracked at NSE, ended in red. Amongst them, Nifty Auto was the worst performer, down over 2% followed by FMCG, IT and Oil & Gas index that were down over 1% each.
Gift Nifty is indicating a gap-up open for the domestic markets on hopes of further ceasefire talks between the US and Iran. Going ahead, we suggest traders to maintain a cautiously bullish stance with a buy on dips trading approach as long as Nifty is holding above 23500 spot levels on closing basis. Conversely, 24350-24400 spot zone will act as immediate hurdle on the higher side.
Derivatives Overview & Outlook
On Monday, Nifty futures added around 1% of open interest as short buildup, on the other hand, Banknifty, Finnifty and Mid cap Nifty futures were down on some long unwinding.
On the sectoral front, Auto, FMCG and IT stocks were down on short buildup whereas Banking, Cement and Textile fell on long unwinding. On the other hand, some long buildup was seen among Power stocks.
On options front, Nifty will start the new weekly contract with maximum positions at 25000 CE followed by 24500 CE and 23000 PE followed by 23500 PE.
Institutional Trading Activity
On Monday, FIIs sold stocks worth Rs 1983 Cr in the cash segment, sold stocks futures worth Rs 3326 Cr and also sold index futures worth Rs 346 Cr. DIIs were net buyers in the cash segment to the tune of Rs 2432 Cr.
Nifty Futures, Banknifty Futures and Finnifty Futures Key Levels
Nifty – Resistances 24250-24400; Supports 23680-23600
Banknifty – Resistances 56500-57400; Supports 55200-54600
Finnifty – Resistances 26600-26850; Supports 25800- 25550
F&O stocks in ban today: SAIL & SAMMAANCAP
Important Results Today: ICICIGI, TEJASNET, ELECON
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