GIFT Nifty indicated that Indian equity indices BSE Sensex and NSE Nifty 50 may see a positive opening on Tuesday. Here is all you need to know before the market opens.
GIFT Nifty ended up by 83.50 points or 0.39% at 21,763.50 indicating a positive opening for domestic indices NSE Nifty 50 and BSE Sensex on Tuesday. Previously, on Saturday in the special trading session, the NSE Nifty 50 gained 109.55 points or 0.51% to settle at 21,571.80, while the BSE Sensex surged by 236.79 points or 0.33% to 71,423.65.
Key things to know before share market opens on January 20, 2024
Wall Street
Wall Street rose higher continuing the optimism built after indices were record high. The tech-heavy Nasdaq Composite gained 0.32% at 15,360.29. The S&P 500 surged by 0.22% at 4,850.43 to reach a fresh all-time high, while the Dow Jones Industrial Average ended higher by 138.01 points or 0.36% at 38,001.81.
US Dollar
The US Dollar Index (DXY), which measures the value of the dollar against a basket of six foreign currencies, traded higher by 0.03% at 103.36.
Crude Oil
WTI crude prices are trading at $74.48 down by 0.37%, while Brent crude prices are trading at $79.86 down by 0.25%, on Tuesday morning.
Asian Markets
Shares in the Asia-Pacific region ended Monday’s session in mixed territory. The Asia Dow is trading up by 0.99%, where as the Japan’s Nikkei 225 is trading in green, up by 0.79%, Hong Kong’s Hang Seng index is trading higher by 0.75% and the benchmark Chinese index Shanghai Composite is trading lower by 0.61% during the early trade hours.
FII, DII Data
Foreign institutional investors (FII) offloaded shares worth net Rs 719.31 crore, also domestic institutional investors (DII) sold shares worth net Rs 545.58 crore on January 20, 2024, according to the provisional data available on the NSE.
F&O Ban
Aditya Birla Fashion and Retail, Balrampur Chini Mills, Delta Corp, Indian Energy Exchange, Indian Railway Corp, National Aluminium, Oracle Financial Services Software, Polycab India, RBL Bank, SAIL, Zee Entertainment.
Technical View
Commenting on the Technical outlook of Rupak De, Senior Technical Analyst at LKP Securities, said that the Nifty opened higher and remained volatile throughout the day. The overall consolidation phase may persist for the next few days or until the Nifty stays within the range of 21500-21700. Only a decisive breakout on either side could initiate a directional move. A significant decline below 21500 might trigger a correction towards 21300 and below. Conversely, a robust breakout above 21700 is needed for a resumption of the uptrend.
Bank Nifty Outlook
“The BankNifty index displayed resilience by forming a higher low on the daily chart while maintaining the immediate support zone of 45700-45600. To resume the uptrend, the index needs to overcome the immediate resistance at 46300, a breakthrough that could trigger short-covering, propelling it towards 46500/46800 levels. However, a close below the crucial support of 45600 might instigate a substantial downside correction towards 44000,” said Rupak De, Senior Technical Analyst at LKP Securities.
