Nifty futures open interest remained low near 1 crore shares and only marginal additions of long positions were seen last week. With subdued OI, a sharp move seems unlikely. On the other hand, banking space has seen significant long accumulation which has been the driver of recent up move in Nifty.
Oil Price Today (July 20): Crude oil jumps 3%, crosses $90 as US and Iran exchange attacks. $100 in sight?
Brent crude futures rose $2.69, or 3.05%, to $90.79 a barrel, their highest level since June 11. The benchmark extended last week’s rally, when it