Oil prices held onto recent gains after US President Donald Trump cast fresh doubt on the durability of the ceasefire with Iran, renewing concerns that disruptions to Middle East energy flows could drag on for longer. Brent crude traded above $104 a barrel, after climbing 2.9% in the previous session, while West Texas Intermediate hovered near $98. The market remains focused on the Strait of Hormuz, the critical chokepoint through which a large share of the world’s crude, liquefied natural gas, and refined fuels normally passes.
GIFT Nifty points to negative open for domestic equity markets; Brent Crude nears $105 a barrel- Daily Market Update 12th May 2026
Overview and Outlook
Global Stock Market Today
- US equity markets settled on a flat to positive note.
- European equity markets, barring CAC, ended in green.
- Asian equity markets are trading with a negative bias.
- GIFT Nifty is down by 80 points, Nifty futures is likely to open around 23700 levels.
The benchmark Nifty index ended lower at 23816 spot levels after a cut of 360 points from its previous closing values.
The broader markets fell inline with the benchmark as Mid and Small cap indices were down over 1% each.
Majority of sectoral indices, tracked at NSE, ended in red. Amongst them, Consumer Durables and Realty were the worst performers, down in range 3% to 4% followed by Oil & Gas, PSU Banks and Media index that were down over 2% each.
Technically, Nifty index is trading on verge of breakdown from past couple of week long congestion range i.e. 23800-24600 spot zone. Moving forward, sustenance below 23800 spot levels will be a negative development that could drag it towards 23500 and lower levels in immediate near term. Conversely, a sustained trading above 24000 spot levels could lead it towards 24150-24350 spot levels.
Derivatives Overview & Outlook
Yesterday, Nifty futures added 5.2% of open interest as short buildup along with long unwinding in Finnifty and Midcapnifty futures as both shed 3.1% and 1.8% of open interest respectively, while no significant change was observed in Midcapnifty futures on open interest front.
Majority of F&O sectors were down on short buildup while some long buildup was seen among Chemical, Pharma and Telecom stocks.
On option front, call writing along with some put addition was seen at multiple OTM strikes. Maximum positions are at 25000 CE followed by 24500 CE and 23500 PE followed by 23000 PE.
Institutional Trading Activity
Yesterday, FIIs sold stocks worth Rs 8438 Cr in the cash segment, sold index futures worth Rs 1685 Cr and also sold stock futures worth Rs 1217 Cr. DIIs were net buyers in the cash segment to the tune of Rs 5940 Cr.
Nifty Futures, Banknifty Futures and Finnifty Futures Key Levels
Nifty – Resistances 24000-24100; Supports 23720-23600
Banknifty – Resistances 55000-55200; Supports 54200-53700
Finnifty – Resistances 26000-26200; Supports 25600- 25500
F&O stocks in ban today: NIL
Important Results Today: BERGEPAINT, BORORENEW, DIXON, DRREDDY, KPRMILL, MTARTECH, MFSL, PFIZER, TORNTPOWER, TATAPOWER & TEXRAIL.
Disclosure
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