US President Donald Trump threatened additional tariffs and export restrictions on advanced technology and semiconductors in retaliation for digital services taxes that hit American technology companies.
Digital Taxes, Digital Services Legislation, and Digital Markets Regulations are all designed to harm, or discriminate against, American Technology,” Trump posted on social media. outrageously, give a complete pass to China’s largest Tech Companies. This must end, and end NOW!”
Global Stock Market Today
Tracking positive cues from the global peers, benchmark Nifty index opened with a gap on the higher side and settled at 24967.75 levels after adding 97.65 points to its previous closing values in an otherwise lackluster trading session.
Small cap index underperformed the benchmark as it was ended on a flat to negative note whereas Mid cap index was up 0.16%.
Majority of sectoral indices settled in green. Amongst them, Nifty IT index was the top gainers, rose 2.37% followed by Nifty Metal, Realty and Consumer Durables index that were settled higher over 0.5%. On the other hand Nifty Media and Healthcare index lead the decline, down by 1.67% and 0.44% respectively.
Technically, Nifty rebounded from its gap support levels and settled in a mid of its congestion zone. Going ahead, we might see some range bound trading in Nifty index in short term with immediate supports placed in range 24850-24670 spot levels and resistance around 25160-25225 spot levels.
Derivatives Overview & Outlook
Yesterday, Nifty futures added 2.8% of open interest as long buildup. On the other hand, no significant changes were seen in Nifty, Finnifty and Banknifty futures on price as well as on open interest front.
All F&O sectors, barring Finance and Power settled on a higher note. Amongst them, Cement and Telecom stocks witnessed maximum addition of long positions along with some short covering among Chemical , Metal, Infrastructure and Textile stocks.
On options front, put writing along with call unwinding was seen at multiple strikes. Maximum positions are at 25000 PE followed by 24900 PE and 25000 CE.
Institutional Trading Activity
Yesterday, FIIs sold stocks worth Rs 2466 Cr in the cash segment, bought index futures worth Rs 205 Cr also bought stocks futures worth Rs 898 Cr. DIIs were net buyers in the cash segment to the tune of Rs 3177 Cr.
Nifty Futures, Banknifty Futures and Finnifty Futures Key Levels
Nifty – Resistances 25080-25160; Supports 24920-24850
Banknifty – Resistances 55400-55600; Supports 55000-54800
Finnifty – Resistances 26450-26520; Supports 26250-26120
F&O Security in Ban Today: RBLBANK & TITAGARH
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