GIFT Nifty indicated that Indian equity indices BSE Sensex and NSE Nifty 50 may see a positive opening Monday. Here is all you need to know before the market opens.
GIFT Nifty traded up by 92.50 or 0.42% at 22,203.60 indicating a positive opening for domestic indices NSE Nifty 50 and BSE Sensex on Monday. Previously, on Friday, the NSE Nifty 50 ended up by 151.15 points or 0.69% to settle at 22,147, while the BSE soared 599.34 points or 0.83% to 73,088.33.
“Markets remained choppy for yet another day but managed to gain over half a percent. Weak global cues triggered a gap-down start, followed by a muted move in the first half. However, gradual recovery in the heavyweights across sectors pared all the losses and also pushed the index in the green. Meanwhile, a mixed trend continued on the sectoral front wherein financials, metal and banking performed well while realty and pharma closed lower. The broader indices also traded mixed wherein midcap lost nearly half a percent,” said Ajit Mishra, SVP – Technical Research, Religare Broking Ltd.
Mishra also added that, The rebound has eased some pressure, after four successive days of decline but it is too early to assume that we are out of the woods. A decisive close above 22,300 in Nifty would pave the way for further recovery else profit taking may resume. Traders should maintain hedged positions citing the prevailing swings and wait for clarity.
Key things to know before share market opens on April 22, 2024
Wall Street
The U.S. stock market came under renewed pressure as big tech sold off, with traders remaining cautious about geopolitical risks ahead of the weekend, Bloomberg reported. The tech-heavy Nasdaq Composite ended down by 319.49 points or 2.05% at 15,282.01. The S&P 500 dropped by 43.89 points or 0.88% at 4,967.23, while the Dow Jones Industrial Average ended higher by 211.02 points or 0.56% at 37,986.40.
US Dollar
The US Dollar Index (DXY), which measures the value of the dollar against a basket of six foreign currencies, traded down by 0.06% at 106.06.
Crude Oil
WTI crude prices are trading at $81.74 down by 1.68%, while Brent crude prices are trading at $86.78 down by 0.34%, on Monday morning.
Asian Markets
Shares in the Asia-Pacific region ended in negative territory on Friday. The Asia Dow is trading down by 0.95%, where as the Japan’s Nikkei 225 is trading in red, down by 2.66%, Hong Kong’s Hang Seng index is ended lower by 0.99% and the benchmark Chinese index Shanghai Composite is ended down by 0.29%.
FII, DII Data
Foreign institutional investors (FII) bought shares worth net Rs 129.4 crore, while domestic institutional investors (DII) sold shares worth net Rs 52.5 crore on April 19, 2024, according to the provisional data available on the NSE.
F&O Ban
The NSE has added Balrampur Chini Mills, Bandhan Bank, Biocon, Exide Industries, Idea, Metropolis, Piramal Enterprises, SAIL, and Zee Entertainment Enterprise in F&O on April 22, 2024.
Technical View
Commenting on the Technical outlook of Nifty Rupak De, Senior Technical Analyst, LKP Securities, said On the daily chart, a piercing line pattern has formed, often indicating a bullish reversal following a correction. Additionally, the indicator has surpassed the 55EMA, a short-term moving average. A close above this moving average signifies a positive short-term trend. Looking ahead, bulls may drive the Nifty’s recovery towards 22,300. Furthermore, a decisive breakthrough above 22,300 could trigger a sustained rally towards 22,600. On the downside, support on a closing basis is situated at 22,000.
Bank Nifty Outlook
“The Bank Nifty Index displayed strong bullish momentum as it formed a bullish piercing candlestick pattern from the support level of 46,500. The immediate resistance for the index is located at 48,000, where there is a significant buildup of open interest on the call side, indicating a potential hurdle. The index has established immediate support between 47,200 and 47,000. Any pullbacks towards this support zone are seen as buying opportunities, suggesting continued bullish sentiment if these levels hold,” said Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities.
