GIFT Nifty indicated that Indian equity indices BSE Sensex and NSE Nifty 50 may see a positive opening on Tuesday. Here’s a look at the key things to know before market opens.
GIFT Nifty traded up by 55.50 points or 0.24% at 23,592 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 36.75 points or 0.16% to settle at 23,537.85 while the BSE Sensex gained 131.18 points or 0.17% to 77,341.08.
“The market began the week with a slight decline but managed to close flat, continuing its consolidation phase. After an initial drop, Nifty gradually climbed in the first half of the session, followed by a range-bound movement until the close, finishing at 23,537.85, up by 0.16%. Sector performance was mixed, with the auto and FMCG sectors performing well, while metal and IT sectors remained subdued. A similar trend was observed in broader markets, where midcaps closed in the green and smallcaps ended nearly unchanged,” said Ajit Mishra – SVP, Research, Religare Broking.
Mishra also added that, This consolidation in the index appears healthy so far, and we anticipate it will conclude soon. In the meantime, traders should maintain a “buy on dips” strategy, focusing on stock selection, until Nifty breaks below 23,100.
Key things to know before share market opens on June 25, 2024
Wall Street
The Dow rallied on Monday to a one-month high, while the Nasdaq tumbled over 1% as investors rotated out of AI-linked stocks and added some laggards to their portfolios, betting on Federal Reserve interest rate cuts this year. The S&P 500 and Nasdaq ended lower on the rotation out of technology stocks whose outsized gains have led this year’s rally. Still, nine of the S&P 500’s 11 major industry sectors gained ground, reported Reuters. The tech-heavy Nasdaq Composite ended down by 192.54 points or 1.09% at 17,496.82. The S&P 500 ended lower by 16.75 points or 0.31% at 5,447.87, while the Dow Jones Industrial Average trade marginally higher by 62.51 point or 0.16% at 39,473.72.
US Dollar
The US Dollar Index (DXY), which measures the value of the dollar against a basket of six foreign currencies, traded down by 0.04% at 105.47.
Crude Oil
WTI crude prices are trading at $81.86 up by 0.13%, while Brent crude prices are trading at $86.17 up by 0.18%, on Tuesday morning.
Asian Markets
Shares in the Asia-Pacific region are trading in positive territory on Tuesday morning. The Asia Dow is trading up by 0.26%, where as the Japan’s Nikkei 225 is trading in green, up by 0.51%, Hong Kong’s Hang Seng index is traded higher by 0.83% and the benchmark Chinese index Shanghai Composite traded higher by 0.21%.
FII, DII Data
Foreign institutional investors (FII) offloaded shares worth Rs 653.97 crore, while domestic institutional investors (DII) sold shares worth Rs 820.47 crore on June 24, 2024, according to the provisional data available on the NSE.
F&O Ban
The NSE added Balrampur Chini Mills, Chambal Fertilisers & Chemicals, GNFC, Granules, Indus Tower, Punjab National Bank, Sail, and Piramal Enterprises in F&O on June 25, 2024.
Technical View
Commenting on the Technical outlook of Nifty Rupak De, Senior Technical Analyst, LKP Securities, said Nifty slipped lower in early trades, but bulls were able to defend around the 55 EMA on the hourly chart. The trend remains positive for the short term as long as it remains above 23,300, where a buy-on-dips strategy might favor traders. On the higher end, resistance is seen at 23,600. A decisive move above 23,600 might lead call writers to unwind their positions.
Bank Nifty Outlook
“The BankNifty index continued to remain strong and, after testing the support zone of 51,200-51,000, bounced back sharply. The immediate resistance is placed at 52,000, where the highest open interest is built up on the call side. Once the index surpasses this mark, it will likely witness a further upmove towards the 52,400-52,800 range,” Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities.
