Oil prices extended gains on Monday as the US-Israeli war against Iran entered a third week, putting oil infrastructure at risk and keeping the Strait of Hormuz shut in the biggest disruption to global supplies ever.
Brent crude futures jumped $2.01, or 1.95 per cent, to $105.15 a barrel by 2338 GMT after settling $2.68 higher on Friday. US West Texas Intermediate crude climbed $1.61, or 1.63 per cent, to $100.32 a barrel, after gaining nearly $3 in the previous session.
Global Stock Market Today
The benchmark Nifty index ended sharply lower on last trading session of the week to settle at 23151 spot levels, down nearly 500 points from its previous closing values.
Broader markets slightly underperformed the benchmark as Mid and Small cap indices fell over 2.5% each against 2% decline in the frontline index.
Majority of sectoral indices, tracked at NSE, ended in deep red. Amongst them, Auto, Media, Metal, PSU Banks were the worst hit, down in range 3.5% to 4.82% followed by Private Banks, Consumer Durables, Oil & Gas and Chemicals index that were down in range 2% to 3%.
Nifty index has reached the gap support zone 23200-22800 spot levels. Going ahead, possibility of a pause or a bounce back can not be ruled out at this juncture. On the flip side, 23500-23800 spot levels will act as immediate hurdle on the higher side.
Derivatives Overview & Outlook
Last Friday, Nifty, Banknifty, Finnifty and Midcapnifty futures saw an addition in open interest by around 10%, 5%, 11.5% and 1.5% respectively as short buildup.
All F&O sectors settled on a negative note. Amongst them, Automobile, Banking, Capital Goods and Cement stocks witnessed maximum addition of short position along with some long unwinding among Oil & Gas, Pharma and Telecom stocks.
On options front, call writing along with some put addition was seen at multiple OTM strikes. Nifty has maximum positions at 24000 CE followed by 24500 CE. On the put side, maximum positions are at 22000 PE followed by 23000 PE. Options data for current week expiry is negative but oversold; hence, possibility of some bounce back can not be ruled out at this juncture.
Institutional Trading Activity
Last Week, FIIs sold stocks worth Rs 36072 Cr in the cash segment, sold stocks futures worth Rs 386 Cr also sold index futures worth Rs 13308 Cr. DIIs were net buyers in the cash segment to the tune of Rs 37740 Cr during the week.
Nifty Futures, Banknifty Futures and Finnifty Futures Key Levels
Nifty – Resistances 23450-23600; Supports 23000-22800
Banknifty – Resistances 54500-55000; Supports 53700-53400
Finnifty – Resistances 25500-25750; Supports 25000- 24800
F&O stocks in ban today – SAIL, SAMMAANCAP
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