Business

Will Nifty bounce back to 22,000 or more downfall in store- See GIFT Nifty, FII data, F&O ban, crude, more before market opens

GIFT Nifty indicated that Indian equity indices BSE Sensex and NSE Nifty 50 may see a positive opening on Wednesday. Here is all you need to know before the market opens.

GIFT Nifty traded up by 37 points or 0.17% at 21,899 indicating a positive opening for domestic indices NSE Nifty 50 and BSE Sensex on Wednesday. Previously, on Tuesday, the NSE Nifty 50 ended down by 238.25 points or 1.08% to settle at 21,817.45, while the BSE Sensex plunged 736.37 points or 1.01% to 72,012.05.

“Markets resumed a corrective tone after the recent breather and lost over a percent. After the gap-down opening, Nifty inched gradually lower as the day progressed and finally settled at 21,817.45 levels. All the key sectors settled in the red wherein IT, pharma and FMCG were among the top losers. The broader indices also felt the heat and lost over a percent each,” said  Ajit Mishra, SVP – Technical Research, Religare Broking Ltd.

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
Also Read

Stocks To Watch: TCS, Vodafone Idea, SBI cards, Ultratech Cement, Shakti Pumps, Tata Steel, Adani Enterprises, NBCC

Mishra also added that, Nifty has slipped below the crucial support zone of the previous swing low i.e. 21,850 level and we are now eyeing 21,500. Traders should continue with the “sell on rise” approach but avoid aggressive trades citing the upcoming outcome of the US Fed meet.

Key things to know before share market opens on March 20, 2024

Wall Street

U.S. stocks saw small moves ahead of the highly anticipated Federal Reserve decision that will help shape the outlook for interest rate cuts this year, Bloomberg reported. The tech-heavy Nasdaq Composite ended up by 63.34 points or 0.39% at 16,166.79. The S&P 500 gained by 29.09 points or 0.56% at 5,178.51, while the Dow Jones Industrial Average ended higher by 320.33 points or 0.83% at 39,110.76.

US Dollar 

The US Dollar Index (DXY), which measures the value of the dollar against a basket of six foreign currencies, traded down by 0.30% at 103.90.

Crude Oil 

WTI crude prices are trading at $82.47 down by 0.31%, while Brent crude prices are trading at $87.19 down by 0.22%, on Wednesday morning.

Asian Markets

Shares in the Asia-Pacific region are trading in mixed territory on Wednesday morning. The Asia Dow is trading down by 0.39%, where as the Japan’s Nikkei 225 is trading in green, up by 0.66%, Hong Kong’s Hang Seng index is ended lower by 1.24% and the benchmark Chinese index Shanghai Composite is ended down by 0.72%.

FII, DII Data

Foreign institutional investors (FII) mopped shares worth net Rs 1,421.5 crore, while domestic institutional investors (DII) bought shares worth net Rs 7449.5 crore on March 19, 2024, according to the provisional data available on the NSE.

Also Read

Hedge funds shake up the euro zone’s $10 trillion government bond market

F&O Ban

The NSE has added Balrampur Chini Mills, Bharat Heavy Electricals, Biocon, Hindustan Copper, Indus Tower, Piramal Enterprise, RBL Bank, Sail, and Zee Entertainment Enterprise in F&O on March 20, 2024.

Technical View

Commenting on the Technical outlook of Nifty Rupak De, Senior Technical Analyst, LKP Securities, said The Nifty has broken down from the rising wedge pattern on the daily chart, suggesting a potential reversal of the uptrend. Additionally, it has fallen below the critical short-term moving average, indicating weakening momentum. The Relative Strength Index (RSI) has also shown a bearish crossover, indicating increasing selling pressure. Key levels to watch include resistance at 22000 and support at 21800. A drop below 21700 could lead to further correction in the Nifty index.

Bank Nifty Outlook

“The BankNifty experienced another day of sideways trading, indicating ongoing indecision between bulls and bears, marked by the formation of a doji candle. Key levels to watch include support at 46000 and resistance at 47000, where the highest put and call open interests are concentrated. A breakout beyond this range is awaited for a directional move; however, within the range, the bullish sentiment prevails. Traders may consider adopting a buy-on-dip strategy, with 46000 as a stop-loss level.,” said Rupak De, Senior Technical Analyst, LKP Securities.

Related Posts

Monster Hunter Wilds First Gameplay Trailer Gets Truly Wild

Sony’s State of Play presentation included a new look at the upcoming Monster Hunter Wilds, the next major release in Capcom’s creature-looting RPG series. While the game is…

E.T. 40th Anniversary 4K Blu-Ray Gift Set Is Only $20 At Amazon

Believe it or not, Steven Spielberg’s iconic alien movie E.T. is now more than 40 years old. If someone on your shopping list this holiday loves this classic…

Alienware's X14 Gaming Laptop Is Slim, Stylish, And Powerful

If you’re on the hunt for a mobile gaming station that packs some serious graphical firepower, the new Alienware x14 might be what you’re looking for Come from bangladesh…

Analogue Duo Preorders Go Live May 19, Will Likely Sell Out Fast

Retro gaming hardware manufacturer Analogue has revealed more preorder details on the return of its popular system, the Analogue Duo. Described as the “ultimate” all-in-one NEC video game…

Best Buy's Weekend Sale Features Stellar Deals On Laptops, TVs, And More

Best Buy is running another big sale this weekend, giving you a chance to pick up video games, laptops, TVs, and other popular electronics for cheap. This time…

Everybody 1-2 Switch! Announced For Nintendo Switch

Nintendo Switch launch title 1-2-Switch is getting a sequel, titled Everybody 1-2-Switch! The new minigame collection adds the potential for players to use their smartphones or tablets to…