Global oil prices steadied on cautious optimism that the United States and Iran may extend their fragile ceasefire, buying time for fresh negotiations to end a conflict that has rattled energy markets for weeks. Brent crude hovered around $95 a barrel, while West Texas Intermediate traded close to $91, after both benchmarks showed little movement in the previous session. Market sentiment found some support from indications that Washington and Tehran are considering a two-week extension of the ceasefire to allow space for diplomacy.
Brent Crude hovers around $95 on ceasefire extension hopes between US, Iran – Daily Market Update 16th April 2026
Overview and Outlook
Global Stock Market Today
- US equity markets, barring DOW Jones, setlled higher.
- European equity markets ended on a flat to negative note.
- Asian equity markets are trading in green.
- GIFT Nifty is up by 80 points, Nifty futures likely to open around 24340 levels.
The benchmark Nifty index opened with a significant gap on the higher side and settled at 24231 spot levels after adding nearly 400 points to its previous closing values.
The broader markets outperformed the benchmark as Mid and Small cap indices gained over 2% each.
All sectoral indices, tracked at NSE, gained significantly. Amongst them, Nifty IT, Media, Consumer Durables, Realty, Oil & Gas and Chemicals were among the best performers, rose in range 2% to 3%.
Technically, Nifty index has reached the 50% Fibonacci retracement level (24278 spot levels) of previous down move from 26373-22182 spot levels. Going ahead, a decisive close above 24350 spot levels could lead it towards 24650-24800 spot levels in near term, provided there is no fresh escalation in Middle Eastern war. Conversely, a sustained trading below 23500 spot levels may trigger technical selling pressure in domestic markets.
Derivatives Overview & Outlook
Yesterday, Banknifty futures added around 6% of open interest as long buildup along with short covering among Nifty, Finnifty and Midcapnifty futures with decrease in open interest by 3%, 7.1% and 2.8%.
All F&O sectors, barring Telecom, settled on a higher note. Amongst them, Capital Goods, FMCG and Finance stocks were up on long buildup along with some short covering among Metals and Realty stocks.
On the option front, put writing along with some call writing was seen across different strikes. The maximum call positions at 25000 CE followed by 25500 CE. On the put side, the maximum positions are at 23000 PE followed by 24200 PE.
Institutional Trading Activity
Yesterday, FIIs bought stocks worth Rs 666 Cr in the cash segment, sold stocks futures worth Rs 93 Cr and bought index futures worth Rs 1243 Cr. DIIs were net sellers in the cash segment to the tune of Rs 569 Cr.
Nifty Futures, Banknifty Futures and Finnifty Futures Key Levels
Nifty – Resistances 24400-24600; Supports 24000-23800
Banknifty – Resistances 57000-57400; Supports 56000-55500
Finnifty – Resistances 26700-26850; Supports 26200- 26000
F&O stocks in ban today: SAIL & SAMMAANCAP
Important Results Today: HDFCAMC, HDFCLIFE & WIPRO
Disclosure
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