GIFT Nifty indicated that Indian equity indices BSE Sensex and NSE Nifty 50 may see a positive opening on Thursday. Here is all you need to know before the market opens.
GIFT Nifty traded up by 10.90 points or 0.05% at 21,720 indicating a positive opening for domestic indices NSE Nifty 50 and BSE Sensex on Thursday. Previously, on Wednesday, the NSE Nifty 50 gained 73.85 points or 0.34% to settle at 21,618.70, while the BSE Sensex ended higher by 271,50 points or 0.38% to 71,657.71.
“Markets traded volatile for yet another session and ended marginally higher amid mixed cues. After the flat start, Nifty hovered in a narrow range for most of the session however buying in select heavyweights aided recovery in the final hour. Eventually, it settled at 21618.70; up by 0.34%. Meanwhile, a mixed trend on the sectoral front kept the participants occupied wherein metal, IT and media were among the top performers. The broader indices also traded in tandem wherein midcap managed to edge higher,” Ajit Mishra, SVP – Technical Research, Religare Broking Ltd.
Mishra also added that, We are seeing a balancing act by select heavyweights amid the mixed trend in banking and IT majors. And, indications are in the favor of prevailing consolidation to continue in the index thus participants should maintain their focus on stock selection and risk management.
Key things to know before share market opens on January 11, 2024
Wall Street
U.S. stocks, bonds and the dollar saw small moves, with investors awaiting Thursday’s inflation data for clues on the Federal Reserve outlook, reported Bloomberg. The tech-heavy Nasdaq Composite gained 86.41 points or 0.58% at 14,944.12. The S&P 500 jumped by 22.43 points or 0.47% at 4,778.93, while the Dow Jones Industrial Average ended higher by 164.80 or 0.44%.
US Dollar
The US Dollar Index (DXY), which measures the value of the dollar against a basket of six foreign currencies, traded down by 0.06% at 102.30.
Crude Oil
WTI crude prices are trading at $71.24 down by 0.18%, while Brent crude prices are trading at $76.60 down by 0.26%, on Thursday morning.
Asian Markets
Shares in the Asia-Pacific region are trading in mixed territory on Thursday morning. The Asia Dow is trading up by 0.49%, Japan’s Nikkei 225 is green, up by 2.01%, Hong Kong’s Hang Seng index is trading down by 0.57% and the benchmark Chinese index Shanghai Composite is trading lower by 0.54%.
FII, DII Data
Foreign institutional investors (FII) offloaded shares worth net Rs 1,721.3 crore, while domestic institutional investors (DII) bought shares worth net Rs 2,080 crore on January 10, 2023, according to the provisional data available on the NSE.
F&O Ban
The NSE has added Balrampur Chini Mills, Bandhan Bank, Chambal Fertilizer, Escorts Kubota, Hindustan Copper, Indian Energy Exchange, India Cements, Indus Tower, National Aluminium, Piramal Enterprise, PVR Inox, SAIL, and Zee Entertainment to its F&O ban list for January 11, 2024.
Technical View
Commenting on the Technical outlook of Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities, said the Nifty index bounced back strongly from its important support at 21,500, indicating that the bulls are quite active at this level. The Nifty closed at 21,623, near its resistance. If it manages to close above 21,700-21,750 levels, we might see the Nifty reaching 22,000. For those looking to buy Nifty, the recommended range is between 21,550-21,600. Set a stop loss at 21,480 and aim for a target of 21,750.
Bank Nifty Outlook
“The Bank Nifty index experienced a volatile trading session on the day of weekly expiry, but the bulls successfully defended the crucial support level of 47000. Despite this, the overall market sentiment remains in “sell on rise” mode. The immediate hurdle for the index is at 47500, where the highest open interest is concentrated on the call side. To initiate a short-covering move and potentially target the 48000 mark, the index needs to convincingly surpass the level of 47500 on a closing basis,” said Kunal Shah, Senior Technical & Derivative Analyst, LKP Securities.