US President Donald Trump imposed 25% tariffs on Japan and South Korea, promising to impose extra taxes if the countries retaliate. However, the White House Press Secretary Karoline Leavitt left out any mentions of tariffs or letters in her media address. Meanwhile, tariff letters were also rolled out to Kazakhstan, Malaysia, South Africa, Myanmar, and Laos.
Trump ramps up trade war with tariff blitz targeting 14 countries including Japan and South Korea – Daily Market Update 8th July 2025
Overview and Outlook
Global Stock Market Today
- US equity markets ended lower in range 0.79% to 0.94%.
- European equity markets, barring FTSE, ended higher in range 0.35% to 1.19%.
- Majority of Asian equity markets are trading in green.
- GIFT Nifty is little changed, Nifty futures likely to open around 25515 levels.
Benchmark Nifty index settled on a flat note at 25461 spot levels after a lackluster trading session.
Broader markets slightly underperformed the benchmark as Mid and Small cap indices were down 0.27% & 0.44% respectively.
Majority of sectoral indices, tracked at NSE, ended in red. Amongst them, Media, Metal and IT index were the worst performers, down in range 0.5% to 1%. On the other hand, FMCG index provided the needed support to the bulls, rose 1.68%.
Technically, Nifty index is going through a retracement phase form its recent highs in a Declining Channel pattern for last Seven trading sessions with immediate supports around 25350 spot levels and resistances at 25550 spot levels. Going ahead, cross and sustenance above 25550 spot zone will be positive development that might take it up to 25800-26000 spot levels in near term.
Derivatives Overview & Outlook
Yesterday, no significant change was seen among index futures on the price front, whereas on open interest front, Nifty futures added around 2% of open interest and Midcpnifty futures shed around 1% of open interest.
On the sectoral front, Capital Goods, Chemicals and Realty stocks witnessed maximum addition of short positions whereas some long buildup was seen among FMCG stocks.
On options front, call writing along with some put writing was seen at multiple strikes. Maximum positions are at 26000 CE closely followed by 25500 CE and 25000 PE followed by 25300 PE.
Institutional Trading Activity
Yesterday, FIIs bought stocks worth Rs 321 Cr in the cash segment, sold stocks futures worth Rs 193 Cr and also sold index futures worth rs 668 Cr. DIIs were net buyers in the cash segment to the tune of Rs 1853 Cr.
Nifty Futures, Banknifty Futures and Finnifty Futures Key Levels
Nifty – Resistances 25650-25765; Supports 25450-25350
Banknifty – Resistances 57500-57800; Supports 56900-56650
Finnifty – Resistances 27050- 27150; Supports 26830-26750
F&O Security in Ban Today: RBLBANK
Disclosure
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