India and the US are likely to agree on an interim trade agreement before July 8 with New Delhi pushing for full exemption from the 26 per cent reciprocal tariff on domestic goods, an official said. The US on April 2 imposed an additional 26 per cent reciprocal tariff on Indian goods but suspended it for 90 days till July 9. However, the 10 per cent baseline tariff imposed by America remains in place.
India and US are aiming to finalize an interim trade agreement before July 8- Daily Market Update 22nd May 2025
Overview and Outlook
Global Stock Market Today
- US equity markets settled lower in range 1.4% to 1.9%.
- European equity markets settled on a flat note.
- Asian equity markets are trading in red.
- GIFT Nifty is down by 75 points, Nifty futures likely to open around 24750 levels.
Benchmark Nifty index ended slightly higher at 24813 levels after adding 130 points to its previous closing values.
Broader markets traded in line with the benchmark as Mid and Small cap indices rose 0.78% & 0.38% respectively.
All sectoral indices, barring Consumer Durables, tracked at NSE ended in green. Amongst them, Realty and Pharma index were the best performers, rose 1.72% & 1.25% respectively.
Nifty index traded in line with our expectations as we predicted a pause and reversal in our previous post. Going ahead, Nifty’s short term charts are indicating towards a consolidation around current levels in range 24480-25120 spot levels before continuing its prevailing uptrend. Hence, we reiterate our bullish view on Nifty index and suggest traders to maintain buy on dips trading approach till it is trading above 24480 spot levels.
Derivatives Overview & Outlook
Yesterday, Nifty and Midcapnifty futures added around 6% and 1.5% of open interest respectively as long buildup along with some short covering in Finnifty futures that shed around 3% of open interest while no significant changes was observed in Banknifty futures on price as well as on open interest front.
All F&O sectors, barring Textile, settled higher. Amongst them, Capital Goods, Chemical and Telecom stocks witnessed maximum addition of long positions.
On option front, put writing was seen at multiple strikes with maximum writing at 24800 PE along with some call unwinding at multiple strikes. Maximum positions are at 25500 CE and 24000 PE followed by 24800 PE.
Institutional Trading Activity
Yesterday, FIIs bought stocks worth Rs 2202 Cr in the cash segment, bought index futures worth Rs 201 Cr also bought stocks futures worth Rs 2084 Cr. DIIs were too net buyers in the cash segment to the tune of Rs 684 Cr.
Nifty Futures, Banknifty Futures and Finnifty Futures Key Levels
Nifty – Resistances 24900-25000; Supports 24700-24600
Banknifty – Resistances 55400-55800; Supports 54800-54600
Finnifty – Resistances 26500- 26700; Supports 26200-26050
F&O Security in Ban Today: RBLBANK, MANAPPURAM & TITAGARH
Important Results Today: ITC, SUNPHARMA, CONCOR, DEEPAKFERT, DWARKESH, GMRAIRPORT.
Disclosure
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