Oil prices paused after a sharp climb, as markets tracked uncertain diplomatic signals around the Iran conflict and the fate of the Strait of Hormuz — a chokepoint that remains effectively shut. Brent crude hovered near $111 a barrel after gaining roughly 2.8% in the previous session, while West Texas Intermediate (WTI) traded just above $99. The price action reflects a market caught between tentative ceasefire developments and the reality of constrained Middle East supply.
Brent crude prices pause near $111 amid fragile US-Iran ceasefire talks- Daily Market Update 29th April 2026
Overview and Outlook
Global Stock Market Today
- US equity markets settled on a flat to negative note.
- European equity markets too ended on a flat to negative note.
- Asian equity markets are trading mix.
- GIFT Nifty is little changed, Nifty futures likely to open around 24100 levels.
Tracking negative cues from the global front, benchmark Nifty index opened with a gap on the lower side and settled at 23995.70 spot levels after a cut of 97 points from its previous closing values.
Broader markets outperformed the benchmark as Mid and Small cap indices rose 0.26% and 0.42% respectively against negative closing of frontline index.
Majority of sectoral indices, tracked at NSE, ended in red. Amongst them, Nifty PSU Bank index was at the bottom of the tally, down over 2% followed by Auto, Banking & Finance, IT and Realty indices that were down in range 0.42% to 1.24%. On the other hand, Oil & Gas index was the top performer, rose over 1.5%.
Technically, Overall chart structure for Nifty index is showing signs of consolidation within a broader range, with downside supports around 23800-23550 spot levels and resistance near the 24300-24500 spot zone (as already discussed in our previous note dated April 28, 2026). Considering current chart structure, we suggest traders to buy the sip around the support zones and sell around the resistance zone. Intraday support is placed around 23950-23900 spot levels while intraday resistance are at 24150-24225 spot levels.
Derivatives Overview & Outlook
Yesterday, all index futures, barring Midcapnifty, settled lower on long unwinding as traders cut down some of their long positions on scheduled monthly expiry.
Nifty and Banknifty futures rolled 71%& 79% of open interest respectively into next contracts which is slightly lower than previous month rollovers of 78% & 86% respectively.
On options front, Nifty will start the first weekly series of May contracts with maximum positions at 23000 PE and 25000 CE.
Institutional Trading Activity
Yesterday, FIIs sold stocks worth Rs 2104 Cr in the cash segment, sold stocks futures worth Rs 3064 Cr also sold index future worth Rs 3094 Cr. DIIs were net buyers to the tune of Rs 1712 Cr in the cash segment.
Nifty Futures, Banknifty Futures and Finnifty Futures Key Levels
Nifty – Resistances 24250-24350; Supports 24000-23800
Banknifty – Resistances 56200-56600; Supports 55500-55000
Finnifty – Resistances 26200-26400; Supports 22980- 25850
F&O stocks in ban today: SAIL
Important Results Today: ADANIPOWER, BAJFINANCE, FEDERALBNK, GRANULES, IIFL, MPHASIS, SYNGENE & VEDL
Disclosure
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