GIFT Nifty indicated that Indian equity indices BSE Sensex and NSE Nifty 50 may see a positive opening on Tuesday. Here is all you need to know before the market opens.
GIFT Nifty traded up by 61.50 points or 0.27% at 22,838 indicating a positive opening for domestic indices NSE Nifty 50 and BSE Sensex on Tuesday. Previously, on Monday, the NSE Nifty 50 ended up by 152.60 points or 0.68% to settle at 22,666.30, while the BSE gained 494.28 points or 0.67% to 74,742.50.
“Markets started the week on a firm note and gained over half a percent, tracking favorable cues. After the initial uptick, Nifty inched gradually higher however profit taking in select heavyweights capped the upside in the second half. Eventually, it closed at 22,666.30 levels; up by 0.7%. Most sectors contributed to the move wherein auto, energy and realty were among the top gainers. After days of outperformance, the broader indices took a breather and closed almost unchanged,” said Ajit Mishra, SVP – Technical Research, Religare Broking Ltd.
Mishra also added that, Nifty has finally ended a week-long consolidation phase and the banking index has also finally made a new record high however the momentum is still missing. Amid all positivity, mixed global cues may continue to result in intermediate dips and traders should utilize the same for adding quality names.
Key things to know before share market opens on April 9, 2024
Wall Street
The world’s biggest bond market kicked off the week on the back foot as geopolitical pressures abated and traders positioned for this week’s key inflation data, Bloomberg reported. The tech-heavy Nasdaq Composite ended up by just 4.51 points or 0.03% at 16,253.03. The S&P 500 dropped by 2.32 points or 0.04% at 5,202.02, while the Dow Jones Industrial Average ended higher by just 3.07 points or 0.01% at 38,907.11.
US Dollar
The US Dollar Index (DXY), which measures the value of the dollar against a basket of six foreign currencies, traded down by 0.24% at 104.11.
Crude Oil
WTI crude prices are trading at $86.70 down by 0.27%, while Brent crude prices are trading at $90.66 down by 0.56%, on Tuesday morning.
Asian Markets
Shares in the Asia-Pacific region are trading in mixed territory on Tuesday morning. The Asia Dow is trading up by 0.38%, where as the Japan’s Nikkei 225 is trading in green, up by 0.69%, Hong Kong’s Hang Seng index is ended higher by 0.05% and the benchmark Chinese index Shanghai Composite is ended down by 0.72%.
FII, DII Data
Foreign institutional investors (FII) offloaded shares worth net Rs 684.7 crore, while domestic institutional investors (DII) bought shares worth net Rs 3,470.5 crore on April 8, 2024, according to the provisional data available on the NSE.
F&O Ban
The NSE has added Bandhan Bank, Sail, and Zee Entertainment Enterprise in F&O on April 9, 2024.
Technical View
Commenting on the Technical outlook of Nifty Rupak De, Senior Technical Analyst, LKP Securities, said Nifty maintained its strength by staying above 22500 throughout the day. Additionally, it exceeded the previous all-time high of 22619. However, the index has reached near the upper band of the rising wedge, which might act as resistance in the short term. Over the short term, the index might consolidate within a range. On the lower end, support is placed at 22500, below which the index might fall back into consolidation.
Bank Nifty Outlook
“The Bank Nifty exhibited indecision in the market with the formation of a doji candle on the daily chart, indicating a standoff between buyers and sellers at current levels. However, the overall sentiment remains bullish, contingent upon the index maintaining support above 48,000, where substantial open interest in put options exists. To sustain the upward trajectory, the index must decisively breach the 48,700 mark, paving the way for further gains towards the 49,500 to 50,000 range,” said Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities.
