Crude oil prices surged on Monday after Iran launched several rounds of missiles toward Israel, raising fears that a fragile ceasefire in the Middle East could unravel and further disrupt energy supplies from the region. Brent crude jumped above $99 a barrel. The rally added to volatility in energy markets that have been driven largely by geopolitical developments rather than underlying supply-demand fundamentals.
Crude oil above 99 following Israeli military retaliatory strikes on Iran after attacks on northern Israel- Daily Market Update 8th June 2026
Overview and Outlook
Global Stock Market Today
- US equity markets settled sharply lower in range 1.35% to 4.18%.
- European equity markets ended on a flat to negative note.
- Asian equity markets are trading with a negative bias.
- GIFT Nifty is up by 75 points, Nifty futures is likely to open around 23180 levels.
The benchmark Nifty index ended on a slightly negative note at 23367 spot levels, down 50 points from its previous closing values.
The broader markets performed in line with the benchmark as both Mid and Small cap indices ended on a flat to negative note.
Majority of sectoral indices, tracked at NSE, ended in green. Among them, Nifty Media was at the top of the tally rose 3.48% followed by Healthcare and Realty index that gained just over 0.5% each. On the other hand, Nifty Metal and IT index were at the bottom of the tally, fell 1.60% & 1% respectively.
A fresh geopolitical escalation in the Middle East region will have a toll on global equity markets. Technically, Nifty index is hovering in a consolidation phase (23000-24000 range) having intraday resistance around 23500-23550 spot levels and supports around 23150-23000 spot levels.
Derivatives Overview & Outlook
Last Friday, Banknifty futures added around 1.5% of open interest as long buildup along with some short covering in Finnifty futures that shed around 10% of open interest, whereas some long unwinding was seen in Midcapnifty futures that shed around 2% of open interest. On the other hand, no significant changes was observed in Nifty futures on open interest front.
Majority of F&O sectors settled on a negative note. Amongst them, short buildup was seen among Cement, New-age, Technology and Textile stocks.
On options front, call writing along with some put unwinding was seen at multiple OTM strikes. Maximum positions are at 24000 CE followed by 23500 CE and 22500 PE followed by 23000 PE.
Institutional Trading Activity
Last week, FIIs sold stocks worth Rs 29753 Cr in the cash segment, bought stocks futures worth Rs 3338 Cr and sold index futures worth Rs 10137 Cr. DIIs were net buyers in the cash segment to the tune of Rs 33933 Cr.
Nifty Futures, Banknifty Futures and Finnifty Futures Key Levels
Nifty – Resistances 23600-23700; Supports 23300-23100
Banknifty – Resistances 55100-55500; Supports 54300-54000
Finnifty – Resistances 25300-25450; Supports 25000- 24900
F&O stocks in ban today: KAYNES & AMBER
Disclosure
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