GIFT Nifty indicated that Indian equity indices BSE Sensex and NSE Nifty 50 may see a subdued opening on Wednesday. Here is all you need to know before the market opens.
GIFT Nifty ended down by 30.50 points or 0.14% at 21,435 indicating a subdued opening for domestic indices NSE Nifty 50 and BSE Sensex on Thursday. Previously, on Wednesday, the NSE Nifty 50 gained 215.15 points or 1.01% to settle at 21,453.95, while the BSE Sensex increased by 689.76 points or 0.98% to 71,060.31.
Key things to know before share market opens on January 25, 2024
Wall Street
The S&P 500 surged by 0.08% at 4,868.55 to reach a fresh all-time high after Netflix shares led a rally. The tech-heavy Nasdaq Composite gained 0.36% at 15,481.92. The 30-stock Dow Industrial Average fell 99.06 points, or 0.26%, to 37,806.39.
US Dollar
The US Dollar Index (DXY), which measures the value of the dollar against a basket of six foreign currencies, traded higher by 0.08% at 103.32.
Crude Oil
WTI crude prices are trading at $75.15 up by 0.08%, while Brent crude prices are trading at $80.19 up by 0.19%, on Thursday morning.
Asian Markets
Shares in the Asia-Pacific region were in mixed territory. The Asia Dow is trading up by 0.46%, whereas Japan’s Nikkei 225 is trading in the red, down by 0.31% and Hong Kong’s Hang Seng index is trading lower by 0.16%. The benchmark Chinese index Shanghai Composite is trading higher by 0.48% during the early trade hours.
FII, DII Data
Foreign institutional investors (FII) offloaded shares worth net Rs 6,934.93 crore. However, domestic institutional investors (DII) bought shares worth net Rs 6,012.67 crore on January 24, 2024, according to the provisional data available on the NSE.
F&O Ban
ZEE Entertainment Enterprises Ltd
Technical View
Commenting on the Technical outlook of Jatin Gedia, technical research analyst at Sharekhan by BNP Paribas, said that on the daily charts they can observe that the Nifty has held on the 40 day average which was placed at 21234. Going ahead they expect Nifty to face resistance in zone 21500 – 21520 where the key hourly moving averages are placed. Traders should look for signs of weakness around the resistance zone before initiating shorts as there is a possibility of a deeper retracement till 21780 – 21800 where the hourly upper Bollinger band is placed. The hourly momentum indicator has triggered a positive crossover which is a buy signal. Thus, price and momentum indicator are providing divergent signals which can lead to high intraday volatility. On the downside 21250 – 21220 shall act as a crucial support zone from short term perspective while 21500 – 21520 is the immediate hurdle zone from short term perspective.
Bank Nifty Outlook
“Bank Nifty also opened gap down and thereafter consolidated for the day closing marginally in the green. We expect the consolidation to continue going ahead in the range 44500 – 45750. Minor degree pullback towards 45460 – 45810 should be used as a selling opportunity. On the downside we expect the Bank Nifty to drift towards 44500 – 44400 from short term perspective,” said Jatin Gedia, technical research analyst at Sharekhan by BNP Paribas.
