GIFT Nifty indicated that Indian equity indices BSE Sensex and NSE Nifty 50 may see a positive opening on Wednesday. Here is all you need to know before the market opens.
GIFT Nifty traded up by 75 points or 0.33% at 22,834 indicating a positive opening for domestic indices NSE Nifty 50 and BSE Sensex on Wednesday. Previously, on Tuesday, the NSE Nifty 50 ended down by 23.55 points or 0.10% to settle at 22,642.75, while the BSE dropped 58.80 points or 0.0.08% to 74,683.70.
“Markets traded volatile and ended almost unchanged, taking a breather after the recent surge. The beginning was upbeat however profit taking in select heavyweights pulled the index lower as the day progressed. Meanwhile, a mixed trend on the sectoral front kept the traders occupied wherein metal and realty posted decent gains while energy and FMCG witnessed profit taking. The broader indices were also aligned to the move and ended on a flat note,” said Ajit Mishra, SVP – Technical Research, Religare Broking Ltd.
Will Nifty trade above 24,800, or will it experience profit booking? See GIFT Nifty, FII data, F&O ban, crude, more before market opens Will Nifty trade above 24,800 ahead of weekly expiry? See GIFT Nifty, FII data, F&O ban, crude, more before market opens Will Nifty scale up to 24,500 or see profit booking from higher levels? See GIFT Nifty, FII data, F&O ban, crude, more before market opens Will Nifty hold 23,800 levels ahead of weekly expiry, or decline further? See GIFT Nifty, FII data, F&O ban, crude, more before market opens
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Mishra also added that, We reiterate our positive view on the index and suggest focusing on select themes/sectors that are attracting noticeable interest. Apart from the global cues, the performance of the IT majors will be in focus for cues.
Key things to know before share market opens on April 10, 2024
Wall Street
Wall Street traders making their final bets on Wednesday’s key inflation report sent stocks lower as bonds rebounded after a recent slide, Bloomberg reported. The tech-heavy Nasdaq Composite ended up by 52.68 points or 0.32% at 16,306.64. The S&P 500 gained by 7.53 points or 0.14% at 5,209.91, while the Dow Jones Industrial Average ended lower by just 9.13 points or 0.02% at 38,883.67.
US Dollar
The US Dollar Index (DXY), which measures the value of the dollar against a basket of six foreign currencies, traded up by 0.02% at 104.11.
Crude Oil
WTI crude prices are trading at $85.22 down by 0.01%, while Brent crude prices are trading at 89.41 down by 0.04%, on Wednesday morning.
Asian Markets
Shares in the Asia-Pacific region are trading in mixed territory on Wednesday morning. The Asia Dow is trading up by 0.89%, where as the Japan’s Nikkei 225 is trading in red, down by 0.54%, Hong Kong’s Hang Seng index is ended higher by 0.57% and the benchmark Chinese index Shanghai Composite is ended up by 0.05%.
FII, DII Data
Foreign institutional investors (FII) offloaded shares worth net Rs 593.2 crore, while domestic institutional investors (DII) bought shares worth net Rs 2,257.2 crore on April 9, 2024, according to the provisional data available on the NSE.
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F&O Ban
The NSE has added Bandhan Bank, Exide Industries, Hindustan Copper, IDEA, India Cements, Sail, and Zee Entertainment Enterprises in F&O on April 10, 2024.
Technical View
Commenting on the Technical outlook of Nifty Rupak De, Senior Technical Analyst, LKP Securities, said Nifty opened higher but struggled to withstand the selling pressure at elevated levels. On the hourly chart, the RSI (14) indicates bearish divergence, signaling a potential shift in price momentum towards the downside. Immediate support is observed at 22,600; a decisive drop below this level could drive the index towards 22,400. Conversely, resistance is evident at 22,770 on the higher end.
Bank Nifty Outlook
“The Bank Nifty demonstrated resilience at higher levels by surpassing the 49,000 mark intraday. It finds support at 48,000, coinciding with significant open interest in put options. Sustained closure above 49,000 could propel the index towards 50,000. With a bullish undertone prevailing, downturns are seen as buying opportunities for the index,” said Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities.
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admin · February 6, 2025 · GIFT Nifty indicated that Indian equity indices BSE Sensex and NSE Nifty 50 may see a lacklustre opening on Tuesday. Here is all you need to know before the market opens.
GIFT Nifty traded up by just 8.50 points or 0.04% at 22,180 indicating a lacklustre opening for domestic indices NSE Nifty 50 and BSE Sensex on Tuesday. Previously, on Monday, the NSE Nifty 50 ended up by 81.55 points or 0.37% to settle at 22,122.25, while the BSE Sensex gained by 281.52 points or 0.39% to 72,708.16.
“Domestic Equities attained new highs with Nifty touching fresh levels of 22186.65 levels before closing with gains of 81 points at 22122. The midcap and smallcap indices surged in line with the benchmark. Majority of the sectors ended in the green. Consumer Durables, Pharma, …
admin · February 5, 2025 · By Ajit Mishra
It was a long and volatile week but markets managed to reclaim their record high, in continuation to the prevailing trend. The tone was downbeat in the initial sessions however a sharp recovery in the final trades completely changed the bias.
Consequently, both the benchmark indices, Nifty and Sensex, settled around the week’s high at 22,378.40 and 73,806.10 respectively. The majority of key sectors participated in the move wherein metal, auto and banking were among the top gainers while IT and pharma traded subdued. Meanwhile, the broader indices underperformed for yet another week and ended on a flat note.
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admin · January 13, 2025 · By Gaurav Arora
The February series Nifty futures started with a premium of around 135 points. The Nifty rolled around 81% and Bank Nifty around 77%. For the Index futures, FII has recently reduced shorts inducing their Net Index Long exposure to 34% which was at 22% at the start of series.
The Index is now likely to consolidate till 21500 is not breached on closing basis, for the rest of Feb series. 21450-21500 might be the immediate support and only a decisive close below it might bring in further downside.
VIX for the Nifty is currently at 16 and likely to remain in the 14 to 18 range implying a range of around 950 points in a month.
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