The US and European Union agreed to an understanding that will see the bloc face 15% tariffs on most of its exports, staving off a trade war that could have delivered a hammer blow to the global economy.
The announcement comes less than a week before a Friday deadline for Trump’s higher tariffs to take effect. The president in May threatened to impose a 50% duty on nearly all EU goods, adding pressure that accelerated negotiations, before lowering that to 30%.
US, EU strike trade deal; European Union to face 15% tariffs on most exports- Daily Market Update 28th July 2025
Overview and Outlook
Global Stock Market Today
- US equity markets settled on a positive note.
- European equity markets ended on a flat note.
- Asian equity markets are trading mix.
- GIFT Nifty is little changed, Nifty futures likely to open around 24850 levels.
Benchmark Nifty index ended lower at 24837 spot levels after a cut of 225 points from its previous closing values.
Broader markets underperformed the benchmark as Mid and Small cap index were down 1.61% & 2.10% respectively.
All sectoral indices, barring Healthcare and Pharma, ended in red. Amongst them, Media index was the worst hit, down 2.61% followed by Oil & Gas, PSU Banks and Metal index that were down in range 1.50% to 2%.
Technically, Nifty index has breached the lower band of upward sloping channel pattern on the down side but managed to close above the price support of 24800 spot levels. Going ahead, a decisive close below 24800 spot levels might take it towards 24400 and lower levels in immediate near term. Hence, we continue to uphold our sell on rise trading strategy till we are trading below 25260 spot levels on closing basis.
Derivatives Overview & Outlook
Last Friday, Nifty, Banknifty and Midcapnifty futures added 4%, 3% and 3.7% of open interest respectively as short buildup along with some long unwinding in Finnifty futures that shed around 7% of open interest.
All F&O sectors, barring Pharma, settled on a negative note. Amongst them, Finance , Infrastructure and Technology stocks witnessed maximum addition of short positions along with some long unwinding in Cement, Chemical and Telecom stocks.
On options front, call writing was seen at multiple strikes. Maximum positions are at 24000 PE followed by 24500 PE and 25000 CE. Options data also showing negative sentiments and suggest towards sell on rise trading approach with immediate resistance around 25080 spot levels.
Institutional Trading Activity
Last Friday, FIIs sold stocks worth Rs 3740 Cr in the cash segment, sold stocks futures worth Rs 4016 Cr also sold index futures worth Rs 1919 Cr. DIIs were net buyers in the cash segment to the tune of Rs 17933 Cr during last week.
Nifty Futures, Banknifty Futures and Finnifty Futures Key Levels
Nifty – Resistances 24920-25050; Supports 24780-24620
Banknifty – Resistances 56800-57200; Supports 56300-56000
Finnifty – Resistances 26900- 27020; Supports 26620-26500
F&O Security in Ban Today: RBLBANK
IMPORTANT RESULTS TODAY: ADANIGREEN, AJANTPHARM, APOLLO, ATGL, GAIL, KEC, MAZDOCK, TORNTPHARM.
Disclosure
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