GIFT Nifty indicated that Indian equity indices BSE Sensex and NSE Nifty 50 may see a negative opening on Thursday. Here is all you need to know before the market opens.
GIFT Nifty traded down by 50 or 0.22% at 22,370 indicating a negative opening for domestic indices NSE Nifty 50 and BSE Sensex on Thursday. Previously, on Wednesday, the NSE Nifty 50 ended up by 34.40 points or 0.15% to settle at 22,402.40 while the BSE gained 114.48 points or 0.16% to 73,852.94.
“Markets took a breather after the recent surge and ended marginally higher. After the initial uptick, the Nifty oscillated in a narrow range and finally settled at 22,402. level. Meanwhile, a mixed trend on the sectoral front kept the traders occupied wherein metal, realty and pharma posted decent gains while IT and auto closed subdued. The broader indices outshined the benchmark and gained in the range of 0.4%-0.8%,” said Ajit Mishra, SVP – Technical Research, Religare Broking Ltd.
Mishra also added that, We may see further consolidation within the 22,300-22,500 zone in Nifty however the volatility may remain high due to the scheduled expiry of April monthly derivatives contracts. Traders should maintain their focus on sectors/themes that are showing consistency in the trend like metal, auto and defense etc and accumulate them on dips.
Key things to know before share market opens on April 25, 2024
Wall Street
The world’s biggest bond market came under pressure, with Wall Street gearing up for another jumbo-sized sale of Treasuries that will help determine whether a turning point is in sight after this year’s selloff, Bloomberg reported. The tech-heavy Nasdaq Composite ended up by just 16.11 points or 0.10% at 15,712.75. The S&P 500 gained only 1.08 points or 0.02% at 5,071.63, while the Dow Jones Industrial Average ended lower by 42.77 points or 0.11% at 38,460.92.
US Dollar
The US Dollar Index (DXY), which measures the value of the dollar against a basket of six foreign currencies, traded up by 0.10% at 105.78.
Crude Oil
WTI crude prices are trading at $82.75 up by 0.06%, while Brent crude prices are trading at $87.97 up by 0.08%, on Wednesday morning.
Asian Markets
Shares in the Asia-Pacific region are trading in mixed territory on Thursday morning. The Asia Dow is trading up by 1.63%, where as the Japan’s Nikkei 225 is trading in red, down by 1.33%, Hong Kong’s Hang Seng index is ended higher by 2.21% and the benchmark Chinese index Shanghai Composite is ended up by 0.76%.
FII, DII Data
Foreign institutional investors (FII) offloaded shares worth net Rs 2,511.7 crore, while domestic institutional investors (DII) bought shares worth net Rs 3809.9 crore on April 24, 2024, according to the provisional data available on the NSE.
F&O Ban
The NSE has added Aditya Birla Fashion, Hindustan Copper, and SAIL in F&O on April 23, 2024.
Technical View
Commenting on the Technical outlook of Nifty Rupak De, Senior Technical Analyst, LKP Securities, said The Nifty remained sideways throughout the session before closing with a slight gain. Sentiment for the short term continues to remain positive as the index closed above the critical moving average. The positive crossover in the RSI also supports the positive momentum. On the higher end, immediate resistance is placed at 22,500. A decisive move above 22,500 might take the index towards 22,750-22,800 over the short term. Support is placed at 22,350-22,400.
Bank Nifty Outlook
“The Bank Nifty saw a sideways trading session following a positive start, holding firm around the support zone of 48000-47800. Immediate resistance is noted at 48500, and a decisive breakthrough could signal further upside towards 49500/50000 levels. With the overall sentiment remaining bullish, any pullbacks towards the support zone should be viewed as buying opportunities,” said Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities.