Oil prices extended their sharp decline on Tuesday, with Brent crude falling below $88 a barrel and West Texas Intermediate (WTI) trading near $82, as hopes of renewed diplomacy between the US and Iran eased concerns over disruptions to global crude supplies.
Brent Crude falls below $88 as Trump signals fresh US-Iran talks – Daily Market Update 28th July 2026
Overview and Outlook
Global Stock Market Today
- US equity markets settled on a flat to positive note.
- European equity markets ended higher in range 0.40% to 1.04%.
- Asian equity markets are trading in red.
- GIFT Nifty is down by 78 points, Nifty futures is likely to open around 23960 levels.
Following a gap-up opening amid signs of de-escalation in the Middle East, the benchmark Nifty index traded sideways in a narrow range to settle around the 24,000 spot level after adding 228 points to its previous closing values.
The broader markets performed in line with the benchmark as Mid and Small cap indices gained over 1% each.
All sectoral indices, tracked at NSE, ended in green. Among them, Nifty Media, IT and Realty index were at the top of the tally, gained over 2% each followed by Auto, Pharma, Healthcare, Chemicals and FMCG index that rose in range 1% to 1.60%.
Technically, Nifty index has re-entered its previous consolidation range and is anticipated to start a fresh round of consolidation going forward in the 23,600–24,300 spot zone. Hence, we suggest that traders maintain a stock- and sector-specific trading approach for the time being.
Derivatives Overview & Outlook
Yesterday, Nifty and Midcpnifty futures shed around 2.5% & 1% of open interest respectively as short covering, Finnifty futures added around 7% of open interest as long buildup. On the other hand, no significant change was observed in Banknifty futures on open interest front.
Nifty and Banknifty futures have rolled 59% & 63% of open interest into next contracts so far.
On options front, put writing was seen at multiple strikes along with some call addition at OTM strikes. Maximum positions for the current week expiry are placed at 24200 CE followed by 24000 CE and 23000 PE followed closely by 24000 PE indicating rangebound sessions for the coming session.
Institutional Trading Activity
Yesterday, FIIs further sold stocks worth Rs 1688 Cr in the cash segment, bought index futures worth Rs 626 Cr and also bought stocks futures worth Rs 5316 Cr. DIIs were net buyers in the cash segment to the tune of Rs 2329 Cr.
Nifty Futures, Banknifty Futures and Finnifty Futures Key Levels
Nifty – Resistances 24100-24200; Supports 23880-23800
Banknifty – Resistances 57400-57750; Supports 56850-56500
Finnifty – Resistances 26250-26400; Supports 26040- 25880
F&O stocks in ban today: None
Important Results Today:AMBUJACEM, BSOFT, CHOLAFIN, CUB, DCMSHRIRAM, EQUITASBNK, HINDUNILVR, LT, PARADEEP, PFIZER, PFS, PHOENIXLTD, RADICO, SUZLON, TATACAP, VBL
Disclosure
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