Oil prices fell on Monday, with Brent crude slipping below $72 a barrel after signs of improving tanker movements through the Strait of Hormuz and OPEC+’s decision to raise production targets from August added to concerns over higher global supply. The producer group agreed to lift output quotas by 188,000 barrels a day from August, extending similar increases approved for June and July.
Brent falls below $72 after OPEC+ raises August supply targets – Daily Market Update 6th July 2026
Overview and Outlook
Global Stock Market Today
- The US market was shut on Friday in observance of the US Independence Day holiday.
- European equity markets ended on a flat to positive note.
- Asian equity markets are trading mix.
- GIFT Nifty is little changed, Nifty futures is likely to open around 24320 levels.
The benchmark Nifty index ended higher at 24271 spot levels after adding 95 points to its previous closing values.
The broader markets underperformed the benchmark as Mid and Small cap indices settled on a flat to negative note.
The majority of sectoral performance indices, tracked at NSE, ended in green. Among them, Nifty Realty index was the top performer, gained 2.19% closely followed by Healthcare, IT, Pharma that rose nearly 2% each. On the other hand, PSU Bank index was the worst performer, down 1.54%.
Following a gap-up opening, the benchmark Nifty index traded sideways for the most part of the session and settled tad above the upper band of its past 13-day consolidation range (the 23,800–24,260 spot zone). Going ahead, sustaining above the 24,260 spot level could lead it towards the 24,500–24,600 spot levels in the near term. Conversely, a fall below the 24,050 spot level would likely drag the index back towards the 23,800 spot level.
Derivatives Overview & Outlook
Last Friday, Banknifty and Midcapnifty futures added 2.6% and 1.4% of open interest respectively as short buildup. Finnifty futures added 20.6% of open interest without any significant change in price. On the other hand, no significant change was observed in Nifty futures on open interest front.
Performance on the sectoral front was mix. Amongst them, short buildup was seen among Banking, Capital Goods and Newage stocks, whereas some short covering was seen among chemical and Realty stocks.
On options front, call writing along with some put unwinding was seen at multiple OTM strikes. Maximum positions are at 25000 CE followed by 24500 CE and 24000 PE.
Institutional Trading Activity
Last week, FIIs bought stocks worth Rs 4179 Cr in the cash segment, bought stocks futures worth Rs 2202 Cr and sold index futures worth Rs 7792 Cr. DIIs too were net buyers in the cash segment to the tune of Rs 12632 Cr.
Nifty Futures, Banknifty Futures and Finnifty Futures Key Levels
Nifty – Resistances 24450-24700; Supports 24200-24020
Banknifty – Resistances 58600-59000; Supports 57800-57300
Finnifty – Resistances 27200-27300; Supports 26800- 26700
F&O stocks in ban today: Nil
Disclosure
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