The European Union is delaying its proposed 50% tariff on American whiskey until mid-April, aligning them with broader countermeasures against US steel and aluminum duties. The shift in the timing of the levy, originally set to take effect April 1, allows for more talks with US officials, a spokesperson for the European Commission said Thursday.
EU delays 50% tariffs on US whiskey, allowing for more negotiations – Daily Market Update 21st March 2025
Overview and Outlook
Global Stock Market Today
- US equity markets settled on a flat note.
- European equity markets ended lower in range 0.05% to 1.25%.
- Asian equity markets are trading mix.
- GIFT Nifty is little changed, Nifty futures likely to open around 23170 levels.
Nifty Overview & Outlook
Benchmark Nifty index settled higher at 23190 levels after adding nearly 300 points to its previous closing values.
Broader markets underperformed the benchmark as Mid and Small cap indices gained 0.63% & 0.70% respectively.
All sectoral indices tracked at NSE settled in green. Amongst them, Auto, FMCG, Oil & Gas, IT and Metal index gained over 1% each.
Nifty index is moving higher in line with our expectations as being shared in our previous posts and has almost reached the resistance zone of 23250-23300 spot levels. Going ahead, we suggest traders to continue with short term bullish approach with cautious stance till it is holding above 22800 spot levels on closing basis.
Derivatives Overview & Outlook
Yesterday, Finnifty futures further added 3.5% of open interest as long buildup along with short covering in Nifty and Banknifty futures with decrease in open interest by 3% each. On the other hand, no meaningful activity was seen in Midcapnifty futures on open interest as well as on price front.
Majority of the F&O sectors settled in green. Amongst them, Automobiles, Finance and Technology stocks witnessed maximum addition of long positions, whereas some short buildup was seen in Chemical and Power stocks.
On options front, Nifty will start the new weekly contract with maximum positions at 24000 CE and 22000 PE followed by 23000 PE.
Institutional Trading Activity
Yesterday, FIIs bought stocks worth Rs 3239 Cr in the cash segment, bought index futures worth Rs 2933 Cr also bought stocks futures worth Rs 3253 Cr. DIIs were net sellers in the cash segment to the tune of Rs 3136 Cr
Nifty Futures, Banknifty Futures and Finnifty Futures Key Levels
Nifty – Resistances 23300-23400; Supports 23100-23000
Banknifty – Resistances 50200-50400; Supports 49900-49700
Finnifty – Resistances 24400- 24500; Supports 24200-24100
F&O Security in Ban Today: HINDCOPPER, INDUSINDBK, MANAPPURAM, POLYCAB & SAIL.
Disclosure
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