PM Modi announces GST reforms by Diwali in his I-Day speech- Daily Market Update 18th Aug 2025

Benchmark Nifty index ended on a flat note at 24631 spot levels after adding just 11 points to its previous closing values.

Broader markets underperformed the benchmark as Mid and Small cap indices were down 0.42% each.

Performance on the sectoral front was mix. Nifty Metal index was at the bottom of the tally, fell 1.39% followed by Oil & Gas index that fell 0.91%. On the flip side, Consumer Durables was at the top of the tally, rose 0.75%.

Nifty index likely to react positively to PM Modi’s remark on GST restructuring in his Independence day speech. Although, for any sustainable up move, Nifty should cross above 24950 spot levels. Going ahead, we suggest traders to adopt stocks specific trading approach.

Derivatives Overview & Outlook

Last Thursday, Banknifty and Finnifty futures shed around 2% and 1.5% of open interest respectively as short covering, Midcpnifty futures shed around 1% of open interest as long unwinding whereas no significant changes was seen in Nifty futures on price as well as on open interest front.

Majority of sectoral indices settled on a negative note. Amongst them Cement, Infrastructure, Metal and Oil & Gas stocks witnessed maximum addition of short positions.

Nifty will start the new weekly contract with maximum positions at 22600 PE followed by 23500 PE and 25500 CE followed by 25000 CE.

Institutional Trading Activity

Last week, FIIs sold stocks worth Rs 7805 Cr in the cash segment, sold index futures worth Rs 32 Cr and bought stocks futures worth Rs 4073 Cr. DIIs were net buyers in the cash segment to the tune of Rs 19000 Cr.

Nifty Futures, Banknifty Futures and Finnifty Futures Key Levels

Nifty – Resistances 24800-24920; Supports 24600-24500

Banknifty – Resistances 55800-56000; Supports 55100-54800

Finnifty – Resistances 26500- 26600; Supports 26200-26100

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