GIFT Nifty indicated that Indian equity indices BSE Sensex and NSE Nifty 50 may see a negative opening on Tuesday. Here is all you need to know before the market opens.
GIFT Nifty traded down by 39.50 points or 0.18% at 22,097 indicating a negative opening for domestic indices NSE Nifty 50 and BSE Sensex on Tuesday. Previously, on Monday, the NSE Nifty 50 ended up by 32.35 points or 0.15% to settle at 22,055.70, while the BSE Sensex gained 104.99 points or 0.14% to 72,748.42.
“Markets started the week with modest gains amid volatility, in continuation of the recent pause. After the initial downtick, Nifty oscillated sharply in a range and finally settled at 22,050 levels. Meanwhile, a mixed trend on the sectoral front kept the traders occupied wherein metal, auto and energy were among the top gainers while IT and FMCG witnessed profit taking. The broader indices edged lower after two days of rebound and lost nearly half a percent each,” said Ajit Mishra, SVP – Technical Research, Religare Broking Ltd.
Mishra also added that, The recent price action in Nifty shows indecisiveness among the participants and frequent breakout failures on the stock-specific front further adding to their worries. We thus feel it is prudent to limit positions in the current scenario and wait for clarity over the next directional move.
Key things to know before share market opens on March 19, 2024
Wall Street
U.S. tech giants led gains in stocks at the start of a week that will bring a raft of central-bank decisions from the U.S. to England and Japan, Bloomberg reported. The tech-heavy Nasdaq Composite ended up by 130.28 points or 0.82% at 16,103.45. The S&P 500 gained 32.33 points or 0.63% at 5,149.42, while the Dow Jones Industrial Average ended higher by 75.66 points or 0.20% at 38,790.43.
US Dollar
The US Dollar Index (DXY), which measures the value of the dollar against a basket of six foreign currencies, traded up by 0.15% at 103.58.
Crude Oil
WTI crude prices are trading at $82.82 up by 0.12%, while Brent crude prices are trading at $86.97 up by 0.09%, on Tuesday morning.
Asian Markets
Shares in the Asia-Pacific region are trading in subdued territory on Tuesday morning. The Asia Dow is trading up by 1.26%, whereas Japan’s Nikkei 225 is trading in red, down by 0.62%, Hong Kong’s Hang Seng index ended higher by just 0.10% and the benchmark Chinese index Shanghai Composite ended up by 0.99%.
FII, DII Data
Foreign institutional investors (FII) offloaded shares worth net Rs 2,051.1 crore, while domestic institutional investors (DII) bought shares worth net Rs 2,260.8 crore on March 18, 2024, according to the provisional data available on the NSE.
F&O Ban
The NSE has added Aditya Birla Fashion, Balrampur Chini Mills, Bharat Heavy Electricals, Biocon, Hindustan Copper, Manappuram Finance, National Aluminium, Piramal Enterprise, RBL Bank, Sail, Tata Chemical, and Zee Entertainment Enterprise in F&O on March 19, 2024.
Technical View
Commenting on the Technical outlook of Nifty Rupak De, Senior Technical Analyst, LKP Securities, said Nifty remained volatile throughout the day, oscillating between 21,900 and 22,100. Bulls have thus far managed to defend the 21,900 level successfully. However, a dip below 21,900 could strengthen the bears’ position, although for now, any downturn is being met with buying activity. On the upside, a sustained upward movement beyond 22,100 may propel the index towards 22,250 and beyond. Support is established at 21,900, below which the index might decline towards 21,700.
Bank Nifty Outlook
“Bank Nifty slipped lower initially due to selling pressure in the first hour. However, selling was absorbed around 46,000 as buyers stepped in at lower levels. Sentiment may improve in the near term, given that the index closed above the resistance of 46,500. Looking ahead, if the index surpasses 46,750, it could potentially move towards 47,000 and beyond in the short term. On the downside, support is situated in the 46,500-46,300 zone,” said Rupak De, Senior Technical Analyst, LKP Securities.
