Oil prices are rising as tensions between the U.S. and Iran escalate. An attack on a nuclear power plant in the United Arab Emirates has heightened concerns. U.S. President Donald Trump is reportedly set to discuss military actions against Iran. This follows recent drone attacks on the UAE and Saudi Arabia, raising fears of wider conflict in the region.
Oil touches 2-week high after drone attack on UAE nuclear power plant – Daily Market Update 18th May 2026
Overview and Outlook
Global Stock Market Today
- US equity markets settled lower in range 1% to 1.54%.
- European equity markets ended lower in range 1.6% to 2.11%.
- Most of the Asian equity markets are trading in red.
- GIFT Nifty is down by 100, Nifty futures is likely to open around 23550 levels.
On Friday, benchmark Nifty index opened with an upside gap and briefly breached the resistance level of 23,800 (spot) during day trade. However, it failed to hold above that level and settled slightly lower at 23,660 (spot).
The broader markets underperformed the benchmark as Mid and Small cap indices were down around 0.5% each.
Performance on the sectroal front was mix. Amongst them, Metal, PSU Banks, Realty and Oil & Gas index were down in range 1.5% to 2%. On the other hand, Media and IT index were up in range 1% to 2%.
Gift Nifty is indicating a gap down open for the domestic markets. An unstable geopolitical situation in the Middle East, elevated crude oil prices, continuous FII outflows, and a depreciating Indian Rupee remain key concerns. A sustained trading below 23,580 could drag it toward the 23,200–23,150 zone. Conversely, a decisive breach above 23,800 could lead the index toward 24,000–24,150 in the near term.
Derivatives Overview & Outlook
On last Friday, Finnifty futures shed around 2% of open interest as long unwinding. On the other hand, Nifty, Banknifty and Midcapnifty futures were settled lower without any significant change in the open interest.
Majority of the sectoral indices settled on a negative note. Amongst them, Infrastructure, Metal, Oil & Gas and Power stocks witnessed maximum addition of short positions, whereas some long buildup was seen among Chemical and Technology stocks.
On option front, call writing along with some put addition was seen at multiple OTM strikes. Maximum positions are at 24500 CE followed by 24000 CE and 23000 PE followed by 23500 PE.
Institutional Trading Activity
Last week, FIIs further sold stocks worth Rs 10107 Cr in the cash segment, sold index futures worth Rs 1015 Cr and also sold stocks futures worth Rs 600 Cr. DIIs were net buyers in the cash segment to the tune of Rs 18524 Cr during the week.
Nifty Futures, Banknifty Futures and Finnifty Futures Key Levels
Nifty – Resistances 23850-23960; Supports 23500-23400
Banknifty – Resistances 54500-54800; Supports 53500-53200
Finnifty – Resistances 25650-25740; Supports 25200- 25050
F&O stocks in ban today: KAYNES & SAIL
Important Results Today: ASTRAL, IGL, IOC, JKPAPER, STAR, TIMKEN, TRITURBINE and ZYDUSWELL.
Disclosure
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