Oil plunged to the lowest in more than three years as US President Donald Trump’s trade wars hammer the outlook for demand just as OPEC+ signals it’s ready to start opening the taps on supply.
Brent crude plummeted as much as 3.8% to trade below $69 and touch the lowest since December 2021. West Texas Intermediate dropped as much as 4.5% to approach $65 and touch the lowest since May 2023.
Global Stock Market Today
Nifty Overview & Outlook
Tracking positive cues from the Asian peers, benchmark Nifty index settled higher at 22337 levels after adding 254 points to its previous closing values.
Buying was seen across the broad as Mid and Small cap indices gained 2.52% & 2.96% respectively.
All sectoral indices, tracked at NSE, ended in green. Amongst them, Metal, PSU Banks, Media, Auto, IT, Realty and Oil & Gas index were the top performers, gained in range 2% to over 4%.
Technically, Nifty index is trading in lower-highs and lower lows formation for last few months. Going ahead, 22450-22550 zone will act as immediate hurdle on the higher side. Cross and sustenance above the same will be a positive development. On the down side, 22000-21960 zone will act as immediate supports, positional supports are still placed around 21800-21680 levels.
Derivatives Overview & Outlook
Yesterday, Banknifty futures further added 2.6% of open interest as long buildup along with short covering in Finnifty futures with decrease in open interest by 13%. On the other hand, no meaningful activities were seen in Nifty and Midcapnifty futures on open interest front.
All F&O sectors settled on a positive note. Amongst them, Cement, Finance, Metal and Power stocks witnessed maximum addition of long positions along with some short covering among Telecom stocks.
On option front, put writing along with some call writing was seen at multiple strikes. Maximum positions are at 22000 PE and maximum call position are at 22600 CE closely followed by 22500 CE. After nearly a month, Nifty’s PCR settled above 1 which is positive sign.
Institutional Trading Activity
Yesterday, FIIs sold stocks worth Rs 2895 Cr in the cash segment, bought index futures worth Rs 411 Cr also bought stocks futures worth Rs 843 Cr. DIIs were net buyers in the cash segment to the tune of Rs 3371 Cr.
Nifty Futures, Banknifty Futures and Finnifty Key Levels
Nifty – Resistances 22580-22700; Supports 22380-22300
Banknifty – Resistances 48650-48800; Supports 48350-48150
Finnifty – Resistances 23220- 23300; Supports 23040-22960
F&O Security in Ban Today: MANAPPURAM
Disclosure
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