US Federal Reserve policymakers are expected to leave interest rates unchanged Wednesday, as the US-Israel war on Iran sends shock waves through oil markets and supply chains, while economic data has begun to show weakness.
The Fed began its two-day meeting on Tuesday, which will culminate in an announcement of the benchmark lending rate in the world’s largest economy, expected at 2:00 pm US Eastern Time (1800 GMT) on Wednesday.
Global Stock Market Today
The benchmark Nifty index gained 172 points to settle at 23581 spot levels.
Broader markets performed in line with the benchmark as Mid and Small cap indices rose 1.02% & 0.65% respectively.
Majority of sectoral indices, barring FMCG and IT, ended in green. Amongst them, Metal, Auto and Realty index were the top performers, rose in range 1.80% to 2.82%.
The ongoing bounce back rally that started on Monday is likely to face resistance around 23800 spot levels amid Middle East conflict and volatile crude oil prices. Any sort of de-escalation in Middle East is essential for a sustainable up move beyond 23800-24000 spot zone. On the flip side 23300-23350 spot zone will act as an immediate support on the down side.
Derivatives Overview & Outlook
Yesterday, Nifty and Finnifty futures moved north on short covering as both shed around 2% of open interest each. Midcapnifty futures saw an addition in open interest by around 2% as long buildup, whereas no significant change was seen in Banknifty futures on the open interest front.
All F&O sectors, barring FMCG and Technology, settled on a positive note. Amongst them, Capital Goods, Oil & Gas and Realty stocks witnessed maximum addition of long position along with some short covering among Metal and Telecom stocks.
On option front, Nifty will start the new weekly contracts of the March series with maximum position at 25000 CE and 23000 PE.
Institutional Trading Activity
Yesterday, FIIs sold stocks worth Rs 4741 Cr in the cash segment, sold stocks futures worth Rs 695 Cr and bought index futures worth Rs 1247 Cr. DIIs were net buyers to the tune of Rs 5225 Cr in the cash segment.
Nifty Futures, Banknifty Futures and Finnifty Futures Key Levels
Nifty – Resistances 23800-23950; Supports 23400-23200
Banknifty – Resistances 55600-56000; Supports 54400-54000
Finnifty – Resistances 25850-26000; Supports 25600- 25500
F&O stocks in ban today – SAIL, SAMMAANCAP
Disclosure
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