Oil prices held near their lowest levels in weeks after Iran said it had reached an agreement with Oman on a proposed shipping route through the Strait of Hormuz, raising hopes that crude flows through one of the world’s busiest energy corridors could gradually resume. Brent crude traded near $79 a barrel, while West Texas Intermediate hovered around $75, after both benchmarks tumbled about 11% over the first three trading sessions of the week.
Brent Crude extends slide to $79 as Iran, Oman agree on Hormuz shipping route – Daily Market Update 6th Aug 2026
Overview and Outlook
Global Stock Market Today
- US equity markets, barring Dow Jones, settled on a negative note.
- European equity markets ended on a flat to negative note.
- Asian equity markets are trading mix.
- GIFT Nifty is up by 70 points, Nifty futures is likely to open around 24720 levels.
Nifty index failed to hold above 24600 spot levels and settled below it (as of 3:15 PM).
Performance on the broader front was mix. Small cap index outperformed the benchmark, gained 0.76%; on the other hand, Mid cap index performed inline with the benchmark as it settled on a flat note.
Performance on the sectroal front was largely mix and muted. Among them, Nifty Metal and Auto index were the best performers, gained 1.72% & 1.27% respectively. On the other hand, Media index was the worst performer, down 1.58%.
Technically, 24600-24700 spot zone is acting as an immediate resistance on the higher side while immediate support is placed around 24400 spot levels. A decisive close above the mentioned resistance zone could lead it towards 24850 and higher levels in near term, conversely, fall below 24400 spot could drag it back to 24100-24000 spot levels in near term.
Derivatives Overview & Outlook
Yesterday, all index futures settled higher on long buildup as Nifty, Banknifty, Finnifty and MidcpNifty futures added 4.7%, 1.1%, 4.5% and 1.9% of open interest respectively.
Majority of the sectoral indices settled on a positive note. Among them, Finance, Metal and Pharma stocks witness maximum addition of long position, whereas some short buildup was seen among Chemical, New_age and Power stocks.
On options front, put writing along with some call addition was seen at multiple strikes. Maximum positions are at 24000 PE followed by 23500 & 24500 PE and 25000 CE followed by 24600 CE implying immediate supports around 24400 spot and resistance around 24730 spot levels. PCR for current week expiry is at 0.72 that points towards a slightly negative sentiments.
Institutional Trading Activity
Yesterday, FIIs sold stocks worth Rs 943 Cr in the cash segment, sold index futures worth Rs 823 Cr and bought stocks futures worth Rs 48 Cr. DIIs were net buyers in the cash segment to the tune of Rs 2883 Cr.
Nifty Futures, Banknifty Futures and Finnifty Futures Key Levels
Nifty – Resistances 24750-24850; Supports 24550-24400
Banknifty – Resistances 58200-58500; Supports 57600-57200
Finnifty – Resistances 27000-27100; Supports 26700- 26500
F&O stocks in ban today: LICI
Important Results Today: APOLLOTYRE, BRITANNIA, CAMPUS, EIHOTEL, FORTIS, KIRLOSENG, LICI, LUPIN, NCC, SONATSOFTW & TRENT.
Disclosure
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