Oil steadied after a sharp drop with the prospect of more OPEC+ supply weighing on the outlook, as the US-China trade war drags on.
Saudi Arabia warned of further production hikes if overproducing members of OPEC+ don’t fall in line. The cartel decided over the weekend to boost output in June, according to delegates.
Oil holds decline with higher OPEC+ supply weighing on outlook- Daily Market Update 6th May 2025
Overview and Outlook
Global Stock Market Today
- US equity markets settled on a flat to negative note.
- European equity markets, barring DAX, ended on a negative note.
- Asian equity markets are trading in green.
- GIFT Nifty is little changed, Nifty futures likely to open around 24560 levels.
Benchmark Nifty index ended slightly higher at 24461 levels, added 114 points to its previous closing values in an otherwise lackluster trading session.
Broader markets outperformed the benchmark as Mid and Small cap indices gained 1.80% & 1.02% respectively.
Majority of sectoral indices, tracked at NSE, ended in green. Amongst them, Auto, Oil & Gas and FMCG index were the top gainers, rose 1.2% to 1.85%. On the flip side, Private Bank stocks witnessed some profit taking, fell 0.80%.
Technically, Nifty index is still trading in the same range i.e. 23800-24600 spot levels. Going ahead, either side break from this range is required for next short term directional move in that direction. Hence, we suggest traders to adopt stocks specific trading approach for short term.
Derivatives Overview & Outlook
Yesterday, Nifty and Midcapnifty futures added around 4.5 and 2.5% of open interest respectively as long buildup, on the other hand, no significant change was seen in Banknifty & Finnifty futures on the price front.
All of F&O sectors settled on a positive note. Amongst them, Power and Realty stocks witnessed maximum addition of long position.
On options front, call writing along with some put writing was seen at multiple strikes. Maximum positions are at 24000 PE followed by 24400 PE and 26000 CE followed by 24500 CE.
Institutional Trading Activity
Yesterday, FIIs bought stocks worth Rs 498 Cr in the cash segment, bought index futures worth Rs 532 Cr also bought stocks futures worth Rs 2805 Cr. DIIs too were net buyers in the cash segment to the tune of Rs 2789 Cr
Nifty Futures, Banknifty Futures and Finnifty Futures Key Levels
Nifty – Resistances 24650-24720; Supports 24450-24350
Banknifty – Resistances 55600-56000; Supports 54400-54200
Finnifty – Resistances 26400- 26500; Supports 26150-26050
F&O Security in Ban Today: RBLBANK & MANAPPURAM
Important Results Today: AARTIDRUGS, APLLTD, BANKBARODA, CGPOWER, GODREJCP, HINDPETRO, MGL, RADICO.
Disclosure
Globe Capital Market Limited (“GCML”) is a Stock Broker registered with BSE, NSE, MCX, NCDEX, and MSEI in all the major segments viz. Capital, F & O and CDS segments. GCML is also a Depository Participant and registered with both the Depositories viz. CDSL and NSDL. Further, GCML is a SEBI registered Portfolio Manager and Research Analyst. GCML includes subsidiaries, group and associate companies, promoters, directors, employees and affiliates.
AY Securities and Commodities Limited, Globe Derivatives and Securities Limited & Globe Fincap Limited are subsidiaries of GCML. AtoZ Finstock Private Limited, A to Z Consultants Private Limited, A to Z Venture Capital Limited, M. Agarwal Stock Brokers Private Limited, A M Share Brokers Private Limited, Shri Adinath Advertising Company Pvt. Ltd., Orient Landbase Private Limited, Bolt Synthetic Private Limited, Price ponder Private Limited, Lakshya Impex Private Limited and Launchpad Fintech Private Limited are associates of GCML.
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