OPEC’s crude production held steady in December as a slump in Venezuela’s output to the lowest in two years was offset by increases in Iraq and some other members, a Bloomberg survey showed. The Organization of the Petroleum Exporting Countries pumped an average of just over 29 million barrels a day, little changed from the previous month, according to the survey. Venezuelan output declined by about 14% to 830,000 barrels a day as the US blocked and seized tankers as part of a strategy to pressure the country’s leadership.
OPEC held supply flat last month as Venezuela output fell, survey shows- Daily Market Update 9th Jan 2026
Overview and Outlook
Global Stock Market Today
- US equity markets, barring NASDAQ, settled on a positive note.
- European equity markets ended on a flat note.
- Majority of Asian equity markets are trading in green.
- GIFT Nifty is up by 40 points, Nifty futures likely to open around 26100 levels.
Benchmark Nifty index ended sharply lower at 25877 spot levels after a cut of 264 points from its previous closing values amid fresh round of geopolitical and trade tariff related uncertainty.
Broader markets underperformed the benchmark as Mid and Small cap indices were down around 2% each.
All sectoral indices, tracked at NSE, ended in red. Amongst them, Metal along with Oil & Gas index were the hardest hit down 3.40% & 2.84% respectively followed by IT, PSU Bank and Realty index that were down around 2% each.
Nifty index is heading towards the lower band of the congestion zone i.e. 25690 spot levels. On the other hand, Sensex has already reached the lower band of its Two month long congestion zone (84000-86160 spot range) and is trading on verge of breakdown from the said range. Going ahead, we anticipate both the key benchmark indices (Nifty & Sensex) to trade with the negative bias in short term by the time they are trading below 26150 & 85100 spot levels.
Derivatives Overview & Outlook
Yesterday, Nifty and Finnifty futures added 15.7% and 13.7% of open interest respectively as short buildup along with some long unwinding among Banknifty and Midcapnifty futures that shed 6.9% and 10.8% of open interest respectively.
All F&O sectors, barring Telecom, settled on a negative note. Amongst them, Capital Goods, Newage, Power and Textile stocks witnessed maximum addition of short positions along with some long unwinding among Banking and Metal stocks.
On options front, further call writing was seen at multiple strike. Maximum positions are at 26100 CE closely followed by 26200 CE and 25500 PE followed by 25700 PE. Quantum of call positions is significantly higher than the quantum of put positions that is a negative sign, indicating weakness in price.
Institutional Trading Activity
Yesterday, FIIs sold stocks worth Rs 3367 Cr in the cash segment, sold index futures worth Rs 5285 Cr and also sold stocks futures worth Rs 3270 Cr. DIIs too were net buyers in the cash segment to the tune of Rs 3701 Cr.
Nifty Futures, Banknifty Futures and Finnifty Futures Key Levels
Nifty – Resistances 26050-26200; Supports 25820-25700
Banknifty – Resistances 60200-60500; Supports 59700-59500
Finnifty – Resistances 27900-28000; Supports -27700- 27600
F&O Security in Ban Today: SAIL & SAMMAAN CAPITAL
Disclosure
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