The United States launched a fresh wave of military strikes against Iran, reports said on July 9, marking another sharp escalation in the conflict centred on the strategically vital Strait of Hormuz after President Donald Trump indicated that a temporary understanding between Washington and Tehran had effectively collapsed.
Middle East on boil again as new US strikes mark fresh escalation- Daily Market Update 9th July 2026
Overview and Outlook
Global Stock Market Today
- US equity markets barring NASDAQ, ended in red.
- European equity markets ended lower in range 1.69% to 2.28%.
- Asian equity markets are trading mix.
- GIFT Nifty is up by 80 points, Nifty futures is likely to open around 23960 levels.
The benchmark Nifty index fell sharply following the fresh US strike on Iran and tracking President Trump’s statement that the MoU with Iran is over. The index settled at 23882 spot levels, down over 500 points from its previous closing values.
The broader markets fell in line with the benchmark as Mid and Small cap indices were down 1.55% & 2.24% respectively.
All sectoral indices, tracked at NSE, were in deep red. Among them, Nifty Bank, Financial Services, FMCG, Media, Auto, Oil & Gas, Chemicals and Cement indices were the worst hit, down over 2 to 2.5% each.
The technical chart structure for the Nifty index has turned negative as the index settled with a big red Marubozu candlestick on the daily charts amid negative sentiment following a fresh round of escalation in the Middle East. The Nifty index has reached an important price support level at 23,800, but a decisive fall below this level may drag it towards 23,400–23,600 in the near term. On the higher side, the 24,200–24,260 spot levels will act as immediate resistance.
Derivatives Overview & Outlook
Yesterday, short buildup was seen in Nifty and Banaknifty futures with an increase in open interest by 7% and 3.9% respectively along with some long unwinding in Midcapnifty futures that shed around 8% of open interest. On the other hand, Finnifty was down over 2% without any significant change in open interest.
All F&O sectors settled lower. Amongst them, Cemical, Realty and Textile stocks witnessed maximum addition of short positions.
On options front, call writing along with some put addition was seen at multiple OTM strikes with maximum positions at 24500 CE followed by 24200 CE and 23500 PE followed by 23000 PE.
Institutional Trading Activity
Yesterday, FIIs bought stocks worth Rs 1963 Cr in the cash segment, sold index futures worth Rs 4807 Cr and also sold stocks futures worth Rs 1574 Cr. DIIs too were net buyers in the cash segment to the tune of Rs 790 Cr.
Nifty Futures, Banknifty Futures and Finnifty Futures Key Levels
Nifty – Resistances 24000-24200; Supports 23800-23700
Banknifty – Resistances 57500-58000; Supports 56500-56100
Finnifty – Resistances 26600-26800; Supports 26300- 26200
F&O stocks in ban today: Nil
Important Results Today: TCS & ANANDRATHI
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