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 was 81.50 points or 0.36% lower at 22,458.00 indicating a positive start for the domestic indices NSE Nifty 50 and BSE Sensex on Wednesday. Previously, on Tuesday, the NSE Nifty 50 rose 31.60 points or 0.14% to finish at 22,368, while the BSE Sensex gained 90 points or 0.12% to finish at 73,738.45.
Key things to know before share market opens on April 24, 2024
Wall Street
The Wall Street or US market rose higher for the second consecutive session buoyed by strong earnings. The S&P 500 advanced 1.2% to settle the session at 5,070.55. While the Dow Jones Industrial Average finished trading 263.71 points or 0.69% higher at 38,503.69. The tech-heavy index Nasdaq Composite gained 1.59% to settle at 15,696.64.
US Dollar
The US Dollar Index (DXY), which measures the dollar’s value against a basket of six foreign currencies, traded lower, 0.03% at 105.64.
Crude Oil
WTI crude prices were trading at $83.34 down by 0.16%, while Brent crude prices were trading at $88.36 up by 0.11%, on Wednesday morning.
Asian Markets
Asian markets were trading higher following the US market’s overnight gains on strong earnings. Japan’s Nikkei 225 jumped 2.02% to trade at 38,309.47. The Asia Dow was trading 1.88% higher at 3,291.68. Hang Seng was up 1.92% at 16,828.93. The benchmark Chinese index Shanghai Composite was trading flat.
FII, DII Data
Foreign institutional investors (FII) sold shares net worth Rs 3,044.54 crore. However, domestic institutional investors (DII) bought shares net worth Rs 2,918.94 crore on April 23, 2024, according to the provisional data available on the NSE.
F&O Ban
Hindustan Copper, Vodafone Idea, and Zee Entertainment Enterprise were in the F&O Ban list on April 24.
Technical View
The Nifty opened the gap up and consolidated for the day to close with gains of around 32 points.
“On the daily charts, we can observe that the Nifty is consolidating around the 22400 mark which coincides with the 61.82% Fibonacci retracement level of the previous fall from 22776 to 21777 and also the lower end of the gap area formed on the 15th of April. A brief consolidation is likely considering the sharp run-up and the hourly momentum indicator turning negative suggesting that there could be a few range-bound days of price action ahead. On the upside we expect Nifty to target levels of 22560 from a short-term perspective,” said Jatin Gedia, technical research analyst at Sharekhan by BNP Paribas.
Bank Nifty Outlook
“As far as the Bank Nifty is concerned it opened the gap up however witnessed consolidation during the day and managed to close marginally in the green. In case of a dip towards the support one of 47700 – 47620, it should be used as a buying opportunity. Once this consolidation is over we can expect the next leg of the upmove to resume for a target of 48500 – 48700,” said Jatin Gedia, technical research analyst at Sharekhan by BNP Paribas.