GIFT Nifty indicated that Indian equity indices BSE Sensex and NSE Nifty 50 may see a lacklustre opening on Monday. Here is all you need to know before the market opens.
GIFT Nifty traded up by just 2 points or 0.01% at 22,114.50 indicating a lacklustre opening for domestic indices NSE Nifty 50 and BSE Sensex on Monday. Previously, on Friday, the NSE Nifty 50 ended up by 129.95 points or 0.59% to settle at 22,040.70, while the BSE Sensex gained by 376.36 points or 0.52% to 72,426.64.
“Domestic equities gained for the 4th consecutive day, recovering more than 500 points (2.3%) from a low of 21530 and reaching close to its life-high levels of 22,126. Nifty traded in positive territory throughout the session and closed with handsome gains of 130 points at 22041 levels. Broader market continued to gain strength up ~ 0.6%. All sectors ended in green, barring Oil & Gas. Indian markets showed resilience despite volatility. Q3 earning season has ended on a buoyant note with Nifty delivering a strong beat with a 17% YoY PAT growth vs. est. of +11%,” said Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services Ltd.
Khemka also added that, We expect market sentiment to strengthen further as the prospect of a pre-election rally is quite strong. Two important pre-poll surveys by India Today and Times Now predict a more than comfortable majority (272+ seats) for the incumbent BJP-led NDA. Nifty is hovering near all-time zones and is all set to make new highs next week.
Key things to know before share market opens on February 19, 2024
Wall Street
Wall Street is ending the week on a bit of a sour note, with bonds down and stocks wavering after economic data continued to fuel speculation the Federal Reserve will be in no rush to cut interest rates, Bloomberg reported. The tech-heavy Nasdaq Composite ended down by 123.56 points or 0.78% at 15,782.61. The S&P 500 dipped by 23.58 points or 0.47% at 5,006.15, while the Dow Jones Industrial Average ended lower by 156.04 points or 0.40% at 38,617.08.
US Dollar
The US Dollar Index (DXY), which measures the value of the dollar against a basket of six foreign currencies, traded down by 0.05% at 104.16.
Crude Oil
WTI crude prices are trading at $79.09 down by 0.13%, while Brent crude prices are trading at $83.23 down by 0.29%, on Monday morning.
Asian Markets
Shares in the Asia-Pacific region are trading in mixed territory. The Asia Dow is trading up by 1.24%, where as the Japan’s Nikkei 225 is trading in green, up by 0.05%, Hong Kong’s Hang Seng index is ended higher by 2.48% and the benchmark Chinese index Shanghai Composite is ended higher by 1.28% on Friday.
FII, DII Data
Foreign institutional investors (FII) bought shares worth net Rs 253.3 crore, while domestic institutional investors (DII) mopped shares worth net Rs 1,571 crore on February 16, 2023, according to the provisional data available on the NSE.
F&O Ban
The NSE has added Aditya Birla Fashion, Ashok Leyland, Balrampur Chini Mills, Bandhan Bank, Canara Bank, Delta Corp, Hindustan Copper, India Cement, Indus Tower, National Aluminium, Sail, and Zee Entertainment Enterprise on February 19, 2024.
Technical View
Commenting on the Technical outlook of Nifty Rupak De, Senior Technical Analyst, LKP Securities, said A surge in buying interest for large-cap stocks propelled the Nifty back above the recent consolidation level, leading to highest ever closing on the weekly timeframe. The Nifty has consistently closed above the 21EMA for the last few days, indicating a positive trend. The momentum indicator RSI has experienced a bullish crossover following a base formation. In the short term, the index might move towards 22,200; furthermore, a move above 22,200 could potentially take the Nifty towards 22,600. Support on the lower end is placed at 22,750.
Bank Nifty Outlook
“The bulls maintained their dominance, leading to positive momentum throughout the day. Despite facing minor rejections at the immediate hurdle of 46700, the overall undertone remains bullish. Any dips are seen as buying opportunities, especially with strong support identified in the 46000-45800 zone. The index, once it surpasses the hurdle of 46700 on a closing basis, is anticipated to open up further room for an upward move towards the 48000 mark,” said Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities.
