Key members of the Organization of the Petroleum Exporting Countries and its allies agreed to hold oil production steady in October after six straight monthly increases, as the focus shifts to setting output quotas for next year.
OPEC and allies agree to keep oil output steady in October – Daily Market Update 7th Sept 2026
Overview and Outlook
Global Stock Market Today
- US equity markets settled on a flat to negative note.
- European equity market ended on a flat note.
- Majority of Asian equity markets are trading in green.
- GIFT Nifty is down by 60 points, Nifty futures likely to open around 23950 levels.
The benchmark Nifty index ended on a flat note following a lackluster trading session.
The performance on the broader front was mix and muted as Mid cap index ended on a flat to negative note while Small cap index ended on a flat to positive note.
The performance on the sectoral front was no different. Among them, Nifty Realty, Healthcare and Chemicals index were the worst performer, down 0.9%, 0.87% and 0.73% respectively. On the flip side, Nifty Metal index were at the top of the tally, gained 1.07%.
The Nifty index is trading close to the lower band support zone (23800-23600 spot zone) of past two and a half month long consolidation phase. A sustained trading above 24000 spot could lead the index towards 24200 and higher levels in near term. Hence, we suggest traders to maintain stocks- and sector-specific trading approach as long as the index is hovering within this consolidation phase.
Derivatives Overview & Outlook
Last Friday, Finnifty futures moved north on short covering, shed around 4% of open interest. On the other hand, no significant changes were observed in Nifty, Banknifty and Midcapnifty futures on open interest as well as on price front.
On the sectoral front, Automobile, Capital Goods, Power and Textile stocks witnessed maximum addition of short positions, whereas some long buildup was seen among Metal and New-age stocks.
On option front, put writing along with some call unwinding was seen at multiple OTM strikes. Maximum positions are at 24000 CE followed by 24200 CE and 23000 PE followed by 23800 & 23900 PE.
Institutional Trading Activity
Last week, FIIs sold stocks worth Rs 10556 Cr in the cash segment, sold index futures worth Rs 5231 Cr and bought stock futures worth Rs 4530 Cr. DIIs were net buyers in the cash segment to the tune of Rs 23156 Cr during the week.
Nifty Futures, Banknifty Futures and Finnifty Futures Key Levels
Nifty – Resistances 24150-24300; Supports 23950-23850
Banknifty – Resistances 58000-58350; Supports 57400-57200
Finnifty – Resistances 26400-26500; Supports 26100- 25900
F&O stocks in ban today: KAYNES, INOXWIND, LICHSGFIN & SAIL.
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 and Lakshya Impex Private Limited are the associates of GCML.
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