GIFT Nifty indicated that Indian equity indices BSE Sensex and NSE Nifty 50 may see a positive opening on Thursday. Here is all you need to know before the market opens.
GIFT Nifty traded up by 33.50 points or 0.15% at 22,081.50 indicating a positive opening for domestic indices NSE Nifty 50 and BSE Sensex on Thursday. Previously, on Wednesday, the NSE Nifty 50 ended down by 141.90 points or 0.64% to settle at 22,055.05, while the BSE Sensex plunged by 434.31 points or 0.59% to 72,623.09.
“The Indian market is facing stiff resistance at higher levels; the valuation of a broader index is at a significant premium, leading to an unfavorable risk reward, which influences investors to book profits,” said Vinod Nair, Head of Research, Geojit Financial Services.
Will Nifty trade above 24,800, or will it experience profit booking? See GIFT Nifty, FII data, F&O ban, crude, more before market opens Will Nifty trade above 24,800 ahead of weekly expiry? See GIFT Nifty, FII data, F&O ban, crude, more before market opens Will Nifty scale up to 24,500, or will it face further decline? See GIFT Nifty, FII data, F&O ban, crude, more before market opens Will Nifty scale up to 24,500 or see profit booking from higher levels? See GIFT Nifty, FII data, F&O ban, crude, more before market opens
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Nair also added that, Global markets traded cautiously awaiting the US FED minutes, while Chinese markets were buoyed by policy interventions. Concerns lingered since investors were heavily betting on a US FED rate cut, which is put at risk by January’s higher-than-expected inflation.
Key things to know before share market opens on February 22, 2024
Wall Street
Wall Street traders kept a lid on U.S. stocks ahead of results from Nvidia Corp., the giant chipmaker at the heart of the artificial-intelligence frenzy that has powered the bull market, reported Bloomberg. The tech-heavy Nasdaq Composite ended down by 87.91 points or 0.56% at 15,542.87. The S&P 500 dipped by 6.64 points or 0.14% at 4,968.77, while the Dow Jones Industrial Average ended lower by 27.76 points or 0.07% at 38,536.04.
US Dollar
The US Dollar Index (DXY), which measures the value of the dollar against a basket of six foreign currencies, traded down by 0.07% at 103.94.
Crude Oil
WTI crude prices are trading at $78.16 up by 0.32%, while Brent crude prices are trading at $83.27 up by 0.29%, on Thursday morning.
Asian Markets
Shares in the Asia-Pacific region are trading in positive territory on Thursday morning. The Asia Dow is trading up by 0.10%, where as the Japan’s Nikkei 225 is trading in green, up by 1.16%, Hong Kong’s Hang Seng index is ended higher by 1.57% and the benchmark Chinese index Shanghai Composite is ended higher by 0.97%.
FII, DII Data
Foreign institutional investors (FII) bought shares worth net Rs 284.7 crore, while domestic institutional investors (DII) offloaded shares worth net Rs 411.6 crore on February 21, 2023, according to the provisional data available on the NSE.
F&O Ban
The NSE has added Ashok Leyland, Balrampur Chini Mills, Bandhan Bank, Biocon, Canara Bank, GMR Infra, GNFC, Hindustan Copper, India Cement, Indus Tower, National Aluminium, Piramal enterprise, PVR Inox, RBL Bank, and Zee Entertainment Enterprise on February 22, 2024.
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Technical View
Commenting on the Technical outlook of Nifty Rupak De, Senior Technical Analyst, LKP Securities, said The Nifty has formed a bearish engulfing pattern on the daily chart, indicating a potential pause in the ongoing rally. The momentum indicator RSI is showing a bearish crossover, signaling weakness in the near term. Immediate support is positioned at 22,000; a decisive drop below this level could lead the index towards 21,700. On the upside, resistance is identified at 22,160.
Bank Nifty Outlook
“The BankNifty index experienced a volatile trading session during the weekly expiry and encountered resistance around the 47300 levels. Currently stuck in a broad range of 46500-47500, the index faces limitations on further upside until it surpasses the 47300 mark. The immediate support stands at 46800, and a breach below this level could intensify selling pressure, potentially pushing the index towards 46500,” said Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities. Come from Sports betting site VPbet
