GIFT Nifty indicated that Indian equity indices BSE Sensex and NSE Nifty 50 may see a subdued opening on Tuesday. Here is all you need to know before the market opens.
GIFT Nifty traded up 32.00 points or 0.14% at 22,445.00 indicating a quiet opening for domestic indices NSE Nifty 50 and BSE Sensex on Tuesday. Previously, on Monday, the NSE Nifty 50 lost 160.90 points or 0.72% to settle at 22,332.65, while the BSE Sensex closed 616.75 points or 0.83% lower at 73,502.64.
Key things to know before share market opens on March 12, 2024
Wall Street
Will Nifty reclaim 24,900 on Thursday? See GIFT Nifty, FII data, F&O, crude, and more before market opens 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 hold 24,300 on Tuesday? See GIFT Nifty, FII data, F&O, crude, and 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
The equity indices in the US closed majorly in negative territory. The tech-heavy Nasdaq Composite pulled back 0.41% to close at 16,019.27. While the S&P 500 slid 0.11% to settle at 5,117.94. Bucking the trend, the Dow Jones Industrial Average rose 46.97 points or 0.12% to 38,769.66.
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US Dollar
The US Dollar Index (DXY), which measures the dollar’s value against a basket of six foreign currencies, traded marginally lower, 0.04% at 102.83.
Crude Oil
WTI crude prices were trading at $78.08 down by 0.19%, while Brent crude prices were trading at $82.41 up by 0.24%, on Tuesday morning.
Asian Markets
Asian equity indices closed on a mixed note. Japan’s Nikkei 225 was down 1.16% at 38,371.83. Similarly, the Asia Dow was down 1.81% to 3,238.48. On the flip side, Hong Kong’s Hang Seng index was up 1.43% at 16,587.57. The benchmark Chinese index Shanghai Composite closed 0.74% higher at 3,068.46.
FII, DII Data
Foreign institutional investors (FII) bought shares net worth Rs 4,212.76 crore. Similarly, domestic institutional investors (DII) bought shares net worth Rs 3,238.39 crore on March 11, 2024, according to the provisional data available on the NSE.
F&O Ban
Aditya Birla Fashion, Hindustan Copper, Manappuram Finance, Mahanagar Gas, Sail, Tata Chemical, and Zee Entertainment Enterprises were kept in the ban list on March 12.
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Technical View
Commenting on the technical outlook Jatin Gedia, a technical research analyst at Sharekhan by BNP Paribas, said that the Nifty opened on a flat note and as the day progressed the Nifty drifted lower to close the day in the red down – 160 points.
“On the daily charts, we can observe that Nifty has not witnessed follow-through buying interest after a decisive breakout. It is witnessing selling pressure at higher levels. This could result in Nifty slipping back into the consolidation zone 22100 – 22600. The daily Bollinger bands are contracting indicating a range contraction and is likely to result in a range-bound price action going ahead. The expectation of trending moves on the upside is fading away in the absence of strength from the key heavyweights of the index. In terms of levels, 22224 – 22167 is the crucial support zone while 22530 – 22600 is the immediate hurdle zone from a short-term perspective,” Gedia said.
Bank Nifty Outlook
Bank Nifty filled the gap created on the 17th of January and thereafter has been unable to carry on the positive momentum. On the downside it can slip towards the 46900 – 46800 where support in the form of a 50% Fibonacci retracement level of the rise from 45662 – 48161 and the 20-day moving average (46818) is placed, said Jatin Gedia, technical research analyst at Sharekhan by BNP Paribas.
