Oil prices extended their decline on Wednesday, hovering near the four-month lows touched in the previous session, as signs emerged that more oil tankers stranded in the Gulf since the start of the Iran conflict are preparing to move through the Strait of Hormuz.
Crude oil near 4-month low as more tankers pass through Hormuz- Daily Market Update 24th June 2026
Overview and Outlook
Global Stock Market Today
- The US Stock markets settled on a flat to negative note.
- European equity markets too ended on a flat to negative note.
- Asian equity markets are trading mix.
- GIFT Nifty is little changed, Nifty futures is likely to open around 23800 levels.
The benchmark Nifty index ended sharply lower at the 23824 spot level, down nearly 300 points from its previous close amid a vertical decline in the Korean equity markets.
Performance on the broader front was mix. Mid cap index fell in line with the benchmark, down over 1%, whereas Small cap index outperformed the benchmark, down less than half a percent.
All sectoral indices, barring Pharma and Healthcare, ended in red. Among them, Nifty Metal was the worst performer, down over 3% followed by IT and PSU Bank index that were down around 2% each.
The Nifty index is trading on the verge of breaking below the lower band of its 7-day congestion range (between the 23800 and 24200 spot levels). Moving forward, a decisive close below the 23800 spot level could drag it towards the 23600-23500 levels in the near term. Conversely, sustainability above the 23950 spot level could lead it back to the upper band of the congestion range, which is 24200 spot levels.
Derivatives Overview & Outlook
Yesterday, short buildup was seen among Nifty, Banknifty and Finnifty futures with an increase in open interest by 3.7%, 2.5% and 2.5% respectively along with some long unwinding in Midcapnifty futures with decrease in open interest by around 2%.
Majority of the F&O sectors, barring Pharma & Textile, settled lower on short buildup. Amongst them, Infrastructure, Metal, Technology, Auto and Chemical stocks witnessed maximum addition of short positions.
On options front, Nifty will start the last weekly series of June contract with maximum positions at 25000 CE closely followed by 24000 CE and 24000 PE.
Institutional Trading Activity
Yesterday, FIIs bought stocks worth Rs 18 Cr in the cash segment, sold index futures worth Rs 937 Cr and also sold stocks futures worth Rs 1081 Cr. DIIs too were net buyers in the cash segment to the tune of Rs 680 Cr.
Nifty Futures, Banknifty Futures and Finnifty Futures Key Levels
Nifty – Resistances 24000-24100; Supports 23700-23600
Banknifty – Resistances 57600-58000; Supports 56800-56500
Finnifty – Resistances 26500-26650; Supports 26200- 26000
F&O stocks in ban today: KAYNES
Disclosure
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