Oil prices eased after hitting their highest levels since mid-2022, as signals from the US and Israel helped calm markets unsettled by escalating tensions in the Gulf. Brent crude slipped toward $107 per barrel, while US benchmark West Texas Intermediate (WTI) hovered near $94.
The pullback followed reassurances from US President Donald Trump, who ruled out deploying ground troops, and Israeli Prime Minister Benjamin Netanyahu, who indicated Israel would avoid further strikes on Iranian energy infrastructure.
Brent Crude slips to $107 as US, Israel signal de-escalation in Middle East tensions- Daily Market Update 20th March 2026
Overview and Outlook
Global Stock Market Today
- US equity markets settled on a flat to negative note.
- European equity markets ended sharply lower in range 2% to 2.90%.
- Majority of Asian equity markets are trading in green.
- GIFT Nifty is up by 100 points, Nifty futures likely to open around 23200 levels.
Tracking negative cues from the Middle East conflict, the benchmark Nifty index opened with a significant gap on the lower side; the bearish sentiments kept it dragging throughout the day to settle at 23002 spot levels, down over 3% or 776 points from its previous closing values.
Broader markets fell in line with the benchmark as Mid and Small cap indices too were down around 3% each. Performance on the sectoral front was no different as majority amongst them were in deep red.
Technically, Nifty index has reached the support zones placed around 22800–23000 spot levels, as noted in our previous discussion. While the chart structure remains weak, we expect the index to halt near mentioned support levels. However, a decisive break below 22800 could drag it toward the 22000–22500 range in the near term. On the flip side, immediate resistances are placed around the 23400–23600 spot levels.
Derivatives Overview & Outlook
Yesterday, Nifty futures added around 1.5% of open interest as short buildup, Banknifty futures shed 1.3% of open interest as long unwinding. On the other hand, Finnifty and Midcapnifty futures were down around 3.5% each without any significant change in the open interest.
All F&O sectors settled on a negative note. Amongst them, short buildup were seen among Chemical, Infrastructure, Oil & Gas and Textile stocks along with some long unwinding among Telecom stocks.
On option front, call writing along with some put addition was seen at multiple lower strikes. Maximum positions are at 24000 CE followed by 24500 CE and 23000 PE followed by 22000 PE.
Institutional Trading Activity
Yesterday, FIIs sold stocks worth Rs 7558 Cr in the cash segment, sold index futures worth Rs 471 Cr also sold stocks futures worth Rs 6984 Cr. DIIs were net buyers in the cash segment to the tune of Rs 3864 Cr.
Nifty Futures, Banknifty Futures and Finnifty Futures Key Levels
Nifty – Resistances 23300-23500; Supports 23000-22800
Banknifty – Resistances 54200-54500; Supports 53300-53000
Finnifty – Resistances 25200-25400; Supports 24800- 24600
F&O stocks in ban today – SAIL, SAMMAANCAP
Disclosure
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