GIFT Nifty indicated that Indian equity indices BSE Sensex and NSE Nifty 50 may see a positive opening on Friday. Here is all you need to know before the market opens.
GIFT Nifty traded up by 21 points or 0.10% at 21,715. indicating a positive opening for domestic indices NSE Nifty 50 and BSE Sensex on Friday. Previously, on Thursday, the NSE Nifty 50 gained 28.50 points or 0.13% to settle at 21,647.20, while the BSE Sensex ended higher by 63.47 points or 0.09% to 71,721.18.
“Markets traded dull and settled almost unchanged, in continuation to the prevailing consolidation phase. After the initial uptick, Nifty slipped gradually lower however recovery in the select index majors pared the losses in the final hour. Consequently, Nifty closed at 21647.20 levels; up by 0.13%. A mixed trend continued on the sectoral front wherein energy and auto performed well while media and realty closed with modest cuts,” Ajit Mishra, SVP – Technical Research, Religare Broking Ltd.
Mishra also added that, Nifty has been hovering in a range for almost two weeks now and a mixed trend in index majors is not offering any clear signal over the next directional move. We feel participants should prefer hedged positions, with the beginning of the earnings season and wait for clarity.
Key things to know before share market opens on January 12, 2024
Wall Street
Wall Street saw a volatile session, with stocks down and bonds whipsawing after hotter-than-anticipated inflation data tempered bets on a Federal Reserve rate cut in March, Bloomberg reported. The tech-heavy Nasdaq Composite dropped 17.11 points or 0.11% at 14,952.54. The S&P 500 dipped by 2.93 points or 0.06% at 4,780.52, while the Dow Jones Industrial Average ended flat.
US Dollar
The US Dollar Index (DXY), which measures the value of the dollar against a basket of six foreign currencies, traded down by 0.05% at 102.24.
Crude Oil
WTI crude prices are trading at $73.33 up by 1.89%, while Brent crude prices are trading at $78.92 up by 1.94%, on Friday morning.
Asian Markets
Shares in the Asia-Pacific region are trading in positive territory on Friday morning. The Asia Dow is trading up by 1.84%, Japan’s Nikkei 225 is green, up by 1.80%, Hong Kong’s Hang Seng index is trading up by 1.27% and the benchmark Chinese index Shanghai Composite is trading higher by 0.31%.
FII, DII Data
Foreign institutional investors (FII) offloaded shares worth net Rs 865 crore, while domestic institutional investors (DII) bought shares worth net Rs 1,607.1 crore on January 11, 2023, according to the provisional data available on the NSE.
F&O Ban
The NSE has added Escorts Kubota, India Cements, NALCO, SAIL, Piramal Enterprises, Bandhan Bank, Hindustan Copper, Indus Towers, PVR Inox, Zee Entertainment, BHEL, Delta Corp and Polycab to its F&O ban list for January 12, 2024.
Technical View
Commenting on the Technical outlook of Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities, said Nifty faced selling pressure within the 21700-21750 range, yet found stability as it held above its 10-day moving average, concluding the session with a positive close. Presently, Nifty’s immediate support has shifted to 21600, while 21730 serves as a resistance level on the technical chart. The broader positional support for Nifty remains at 21500
Bank Nifty Outlook
“The Bank Nifty index witnessed ongoing struggles between bulls and bears, leading to a volatile trading session. A significant hurdle for the index is identified at 48000, marked by substantial call writing. A decisive breakthrough above this level is anticipated to trigger a sharp short-covering rally. On the downside, the lower-end support remains intact at 46900. A close below this support level may intensify selling pressure in the market,” said Kunal Shah, Senior Technical & Derivative Analyst, LKP Securities.