GIFT Nifty indicated that Indian equity indices BSE Sensex and NSE Nifty 50 may see a muted opening on Tuesday. Here is all you need to know before the market opens.
GIFT Nifty traded up 44.50 points or 0.20% at 22,114.00 indicating a muted opening for domestic indices NSE Nifty 50 and BSE Sensex on Tuesday. Previously, on Friday, the NSE Nifty 50 gained around 84.80 points or 0.39% to settle at 22,096.75, while the BSE Sensex closed 190.75 points or 0.26% higher at 72,831.94.
Key things to know before share market opens on March 26, 2024
Wall Street
The stocks on Wall Street closed on a lower note taking a breather from record highs. The Dow Jones Industrial Average closed 162.26 points or 0.41% lower at 39,313.64. The S&P 500 fell 0.31% to close at 5,218.19, while the Nasdaq Composite pulled back 0.27% closing at 16,384.47.
US Dollar
The US Dollar Index (DXY), which measures the dollar’s value against a basket of six foreign currencies, traded lower, 0.29% at 104.17.
Crude Oil
WTI crude prices were trading at $82.12 up by 0.21%, while Brent crude prices were trading at $86.85 up by 0.12%, on Tuesday morning.
Asian Markets
Asian equity indices closed on a negative note following the US market’s rally taking a breather. Further, Hong Kong’s Hang Seng index was down 0.16% at 16,473.64. The benchmark Chinese index Shanghai Composite closed 0.71% lower at 3,026.31. The Asia Dow was down 0.54% to 3,345.46. However, Japan’s Nikkei 225 was up 0.20% at 40,496.12.
FII, DII Data
Foreign institutional investors (FII) sold shares net worth Rs 3,309.76 crore. Whereas, domestic institutional investors (DII) bought shares net worth Rs 3,764.87 crore on March 22, 2024, according to the provisional data available on the NSE.
F&O Ban
Biocon, SAIL, Tata Chemicals, and Zee Entertainment Enterprise were in the F&O ban list on Tuesday.
Technical View
The Nifty opened at a gap down on Friday. However, it recovered and closed with gains. “On the daily charts, we can observe that the index is in the process of retracing the fall it has witnessed from 22526 – 21710. The key retracement levels are placed at 22118 – 22214. The dip found buying interest at 21900 – 21880 where the 20-hour moving average was placed. The retracement process is still not complete and hence the rally can continue,” said Jatin Gedia, Technical Research Analyst at Sharekhan by BNP Paribas. The daily and hourly momentum indicators provide a divergent signal which can lead to consolidation. The range is likely to be 22200 – 21900. Stock-specific action is likely to continue during this period.
Bank Nifty Outlook
Bank Nifty also consolidated within a narrow range around the key daily moving averages. On the upside, the key retracement level can continue till 47000 – 47200 over the next few trading sessions. The crucial support zone is placed at 46500 – 46400,” said Jatin Gedia, technical research analyst at Sharekhan by BNP Paribas.
