GIFT Nifty indicated that Indian equity indices BSE Sensex and NSE Nifty 50 may see a negative opening on Monday.Here is all you need to know before the market opens.
GIFT Nifty traded down by 48 points or 0.22% at 22,048.50 indicating a negative opening for domestic indices NSE Nifty 50 and BSE Sensex on Monday. Previously, on Friday, the NSE Nifty 50 ended down by 123.30 points or 0.56% to settle at 22,023.35, while the BSE Sensex dropped 453.85 points or 0.62% to 72,643.43.
“Markets traded lackluster amid mixed cues and lost over half a percent. After the initial downtick, the Nifty inched gradually lower and almost reached closer to Thursday’s low. Though it tried to recoup losses in the latter half, pressure on select heavyweights capped the recovery. Eventually, it settled at 22,024 level; down by 0.53%. Most sectors traded in line with the move and settled in the red wherein auto, energy and pharma were among the top losers. Meanwhile, the broader indices traded mixed and that resulted in neutral market breadth.,” said Ajit Mishra, SVP – Technical Research, Religare Broking Ltd.
Mishra also added that, Indications are in favor of consolidation with negative bias until the Nifty decisively reclaims 22,250 levels. However, the pace of decline would remain gradual citing the resilience of select heavyweights across sectors. Traders should continue with stock-specific approach and maintain positions on both sides.
Key things to know before share market opens on March 18, 2024
Wall Street
The U.S. stock market fell as tech sold off and a pile of options expiring Friday threatened to trigger sudden price swings, reported Bloomberg. The tech-heavy Nasdaq Composite ended down by 155.36 points or 0.96% at 15,973.17. The S&P 500 dropped by 33.39 points or 0.65% at 5,117.09, while the Dow Jones Industrial Average ended lower by 190.89 points or 0.49% at 38,714.77.
US Dollar
The US Dollar Index (DXY), which measures the value of the dollar against a basket of six foreign currencies, traded down by 0.01% at 103.46.
Crude Oil
WTI crude prices are trading at $81.14 up by 0.12%, while Brent crude prices are trading at $85.44 up by 0.14%, on Monday morning.
Asian Markets
Shares in the Asia-Pacific region are trading in negative territory on Monday morning. The Asia Dow is trading up by 0.18%, where as the Japan’s Nikkei 225 is trading in red, down by 0.26%, Hong Kong’s Hang Seng index is ended lower by 1.42% and the benchmark Chinese index Shanghai Composite is ended up by 0.54%.
FII, DII Data
Foreign institutional investors (FII) bought shares worth net Rs 848.6 crore, while domestic institutional investors (DII) offloaded shares worth net Rs 682.3 crore on March 15, 2024, according to the provisional data available on the NSE.
F&O Ban
The NSE has added Aditya Birla Fashion, 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 18, 2024.
Technical View
Commenting on the Technical outlook of Nifty Rupak De, Senior Technical Analyst, LKP Securities, said The Nifty has once again closed below the rising trendline, bringing market sentiment back into a state of weakness. The momentum indicator suggests bearish momentum in the near term. Immediate support is situated at the 50DMA, currently at 21,900, which is expected to provide support for the Nifty. A decisive drop below 21,900 could lead to a sharp decline in the index. On the upside, resistance is observed in the range of 22,200-22,250.
Bank Nifty Outlook
“The BankNifty index witnessed a volatile trading session, forming a doji candle that signals indecision in the market. Immediate resistance for the BankNifty index lies at 47000, coinciding with the 20-day moving average (20DMA). A decisive break above this level could propel the index higher towards the 47500 mark. On the flip side, the lower end support is positioned at 46500-46300, where bulls are currently attempting to defend. However, a breach below this level may intensify selling pressure in the market,” said Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities.
