Oil steadied on Tuesday after suffering its sharpest one-day decline in more than two weeks, as traders weighed the prospects of a US-Iran agreement that could reopen the Strait of Hormuz and restore a key artery of global energy trade. Brent crude settled near $83 a barrel after dropping almost 5% in the previous session, while West Texas Intermediate (WTI) hovered above $81.
Oil prices at three-month lows, Brent Crude at $83 as attention turns to Hormuz reopening plan- Daily Market Update 16th June 2026
Overview and Outlook
Global Stock Market Today
- US equity markets settled higher in range 0.90% to 3%.
- European equity markets, barring FTSE, ended on a negative note.
- Majority of asian equity markets are trading in green.
- GIFT Nifty is little changed, Nifty futures is likely to open around 23950 levels.
The benchmark Nifty index opened with a significant gap on the higher side, traded sideways for the most part of the session to settle off day’s highs at 23854 spot levels, up 231 points from its previous closing values.
Broader markets traded inline with the benchmark as Mid and Small cap indices gained over 1% each.
Majority of sectoral indices, tracked at NSE, ended in green. Among them. Nifty Realty was at the top of the tally, gained around 4% followed by Financial Services Ex-Banks, Consumer Durables and Cement index that rose in range 2.5% to 3%. On the flip side, Pharma and Healthcare index were at the bottom of the tally, down in range 0.5% to 1%.
The Nifty index briefly breached the 24000 spot level in intraday trade but failed to hold above it, settling at 23854. Looking ahead, we reiterate our sideways view on the Nifty index as long as it remains below the 24000 mark. A decisive close above 24000 could propel it toward the 24400–24600 zone in the immediate near term. Conversely, sustained trading below 23600 could push the index toward the lower band of its congestion range at 23000.
Derivatives Overview & Outlook
Yesterday, Nifty, Banknifty and Finnifty futures moved north on short covering, shed around 1.5%, 3% and 8% of open interest respectively. On the other hand, Midcapnifty futures was up 1% without any change in open interest.
Majority of F&O sectors settled on a higher note. Amongst them, FMCG, Oil & Gas, Power, Realty and Technology stocks witnessed maximum addition of long positions, whereas some short buildup was seen in Metal stocks.
On option front, both call writing along with some put writing was seen at multiple OTM strikes. Maximum positions are at 24000 CE and 23500 PE.
Institutional Trading Activity
Yesterday, FIIs bought stocks worth Rs 200 Cr in the cash segment, bought index futures worth Rs 329 Cr and also bought stocks futures worth Rs 27 Cr. DIIs too were net buyers in the cash segment to the tune of Rs 3189 Cr.
Nifty Futures, Banknifty Futures and Finnifty Futures Key Levels
Nifty – Resistances 24020-24150; Supports 23900-23800
Banknifty – Resistances 57600-58000; Supports 56800-56500
Finnifty – Resistances 26450-26600; Supports 26000- 25800
F&O stocks in ban today: KAYNES
Disclosure
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