Oil prices retreated on Friday after US President Donald Trump extended the timeline for possible action against Iran’s energy infrastructure, giving markets a brief breather after days of sharp gains. Brent crude slipped to below $106 a barrel, while West Texas Intermediate was near $94 a barrel in early trade. The pullback came after a massive run-up in prices, with Brent having surged more than 45% so far this month.
Brent Crude pulls back to below $106 as Trump’s Iran deadline extension tempers rally- Daily Market Update 27th March 2026
Overview and Outlook
Global Stock Market Today
- US equity markets settled lower in range 1% to 2.38%.
- European equity markets too ended lower in range 0.99% to 1.52%.
- Majority of Asian equity markets are trading in red.
- GIFT Nifty is down by 150 points, Nifty futures likely to open around 23150 levels.
The benchmark Nifty index ended sharply higher at 23306 spot levels after adding around 400 points to its previous closing values.
Broader markets outperformed the benchmark as Mid and Small cap indices gained 2.3% & 2.6% respectively.
All sectoral indices, tracked at NSE, ended in green; majority amongst them were sharply higher. Nifty Consumer Durables, Metals, PSU Banks, Realty and Chemicals rose in range 2.5% to 3.5%.
The pullback rally that started on 23rd March has reached the gap resistance zone (23380-23620 spot levels) created on 19th March. Gift Nifty is indicating a gap down opening for the domestic markets. A sustained trading below 23000 spot levels could drag it 22500 and lower levels in near term.
Derivatives Overview & Outlook
On Wednesday, Finnifty futures rose on long buildup as it added 1.2% of open interest along with some short covering among Nifty and Banknifty futures, shed around 1% and 3% of open interest respectively. On the other hand, Midcapnifty futures rose 2% without any significant change in the open interest.
Performance on the sectoral front was mix. Amongst them, long buildup were seen among Realty, Telecom and Textile stocks along with short covering among Cement, Finance and Infrastructure stocks.
On option front, both put and call addition was seen at multiple strikes. Maximum positions are at 24000 CE followed by 24500 CE and 22000 PE followed by 23000 PE.
Institutional Trading Activity
On Wednesday, FIIs sold stocks worth Rs 1805 Cr in the cash segment, bought index futures worth Rs 1602 Cr and sold stocks futures worth Rs 24 Cr. DIIs were net buyers in the cash segment to the tune of Rs 5430 Cr.
Nifty Futures, Banknifty Futures and Finnifty Futures Key Levels
Nifty – Resistances 23480-23800; Supports 23000-22800
Banknifty – Resistances 54200-54500; Supports 53500-53200
Finnifty – Resistances 25200-25400; Supports 24800- 24500
F&O stocks in ban today – SAIL
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