Trump slaps 25% tariffs, ‘Penalty’ on India over Russian Oil, BRICS Link and Trade Deficit- Daily Market Update 31st July 2025

Benchmark Nifty index ended on a flat note at 24855 spot levels after adding 34 points to its previous closing values.

Broader markets underperformed the benchmark as Mid and Small cap index ended on a flat to negative note.

Performance on the sectoral front was mix. Amongst them, Realty index was the down by 0.96% followed by Media, PSU Banks and Auto index that were down 0.79%, 0.66% & 0.6% respectively. On the other hand, IT, FMCG and Consumer Durables gained marginally.

Going ahead, we reiterate our sell on rise trading approach till we are trading below 25100 spot levels on closing basis. Intraday supports are placed around 24700-24600 spot levels and intraday resistances in range 24900-25000 spot levels.

Derivatives Overview & Outlook

Yesterday, short buildup was seen in Banknifty and Finnifty futures with an increase in open interest by 3.6% and 16.7% respectively, whereas no significant change was seen in Nifty and Midcapnifty futures on open interest front.

Performance on the sectoral front was mix. Amongst them, Only Auto stocks witnessed addition of short positions along with some long unwinding among Finance, Metals and Telecom stocks. On the other hand, some short covering was seen in Cement and Chemical stocks.

On options front, call writing was seen at multiple strikes along with put addition was seen at lower strikes. Maximum positions are at 24800 PE followed by 24500 PE and maximum call positions are at 25000 CE followed by 25500 CE.

Institutional Trading Activity

Yesterday, FIIs sold stocks worth Rs 850 Cr in the cash segment, sold index futures worth Rs 445 Cr also sold stocks futures worth Rs 197 Cr. DIIs were net buyers in the cash segment to the tune of Rs 1829 Cr.

Nifty Futures, Banknifty Futures and Finnifty Futures Key Levels

Nifty – Resistances 24980-25050; Supports 24600-24500

Banknifty – Resistances 56500-56800; Supports 55800-55300

Finnifty – Resistances 26800- 26900; Supports 26600-26500

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