India’s trade deficit expanded to $22.99 billion in January from $21.94 billion in December as imports rose by 10.3% year-on-year. Merchandise exports declined by 2.4% to $36.43 billion in January compared to $37.32 billion in the same month last year. Imports increased to $59.42 billion from $53.88 billion during the same period. From a month ago, exports fell by 4.2% while imports fell by 0.9%.
India’s trade deficit widens to $22.99 Billion in January- Daily Market Update 18th Feb 2025
Overview and Outlook
Global Stock Market Today
- US equity markets were closed on occasion of President’s Day.
- European equity markets ended higher in range 0.13% to 1.25%.
- Majority of Asian equity markets are trading in green.
- GIFT Nifty is little changed, Nifty futures likely to open around 23000 levels.
Nifty Overview & Outlook
Benchmark Nifty index opened with a gap on the negative side, smart recovery from the price support zones of 22750 spot levels helped it to recover the lost grounds and finally it settled at 22960 levels after adding 30 points to its previous closing values.
Broader markets performed in line with the benchmark as Mid and Small cap indices too settled on a flat to positive note.
Performance on the sectoral front was mix. Pharma and Healthcare index were at the top of the tally, gained over 1% each followed by Metal, Oil & Gas, Consumer Durables and PSU Bank index that rose over 0.5% each. On the other hand, Media, IT and Auto index were the laggards, fell over 0.5% each.
Technically, Nifty index once again found support around 22750 support levels (as mentioned in our previous post dated Feb 17, 2025). Going ahead, we reiterate our sideways view on Nifty index till it is holding above the said support levels and possibility of bounce back can not be ruled out at this junctures. For any sustainable recovery it should close above 23250 spot levels. On the other hand, cross and sustenance below 22750 might take it towards 22500 spot levels in immediate near term.
Derivatives Overview & Outlook
Yesterday, Finnifty and Midcapnifty futures added 3.7% and 2.4% of open interest respectively as long buildup along with some short covering in Banknifty with decrease in open interest by 1.8%. Whereas no meaningful activities was seen in Nifty futures on price as well as on open interest front.
Majority of sectoral indices settled on a positive note. Amongst them, Realty, Power and Finance stocks witnessed maximum addition of long positions along with short covering among Chemicals and Pharma stocks.
On option front, put writing was seen at multiple strikes and maximum positions are at 22000 PE followed by 22500 PE and 24000 CE followed by 23500 CE.
Institutional Trading Activity
Yesterday, FIIs sold stocks worth Rs 3938 Cr in the cash segment, bought index futures worth Rs 588 Cr also bought stocks futures worth Rs 2457 Cr. DIIs were net buyers in the cash segment to the tune of Rs 4760 Cr.
Nifty Futures, Banknifty Futures and Finnifty Key Levels
Nifty – Resistances 23110-23180; Supports 22980-22900
Banknifty – Resistances 49700-50000; Supports 49300-49100
Finnifty – Resistances 23450- 23520; Supports 23310-23250
F&O Security in Ban Today: DEEPAKNTR & MANAPPURAM
Disclosure
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