GIFT Nifty indicated that Indian equity indices BSE Sensex and NSE Nifty 50 may see a positive opening Friday. Here is all you need to know before the market opens.
GIFT Nifty traded up by 160 points or 0.71% at 22,715 indicating a positive opening for domestic indices NSE Nifty 50 and BSE Sensex on Friday. Previously, on Wednesday, the NSE Nifty 50 ended up by 111.05 points or 0.49% to settle at 22,753.80, while the BSE gained 354.44 points or 0.47% to 75,083.15.
“Markets edged higher and gained nearly half a percent, in continuation of the prevailing trend. After the initial gap-up move, Nifty remained range bound for most of the session and finally settled at 22,753.80 levels. Meanwhile, the majority of sectors were aligned with the move wherein FMCG, metal and energy were among the top gainers. The broader indices also edged higher after two days of pause and gained in the range of 0.7%-0.9%,” said Ajit Mishra, SVP – Technical Research, Religare Broking Ltd.
Mishra also added that, The rotational buying across sectors combined with stability at the global front is helping the index to inch higher with every passing day. We are eyeing the 22,850-23,100 zone in Nifty ahead and expect the 22,350-22,500 zone would act as a strong support in case of any profit taking. The beginning of the earnings season would trigger stock-specific volatility ahead so participants should plan their positions accordingly.
Key things to know before share market opens on April 12, 2024
Wall Street
Wall Street traders sent US stocks and bonds sliding after another hotter-than-estimated inflation report signaled the Federal Reserve will be in no rush to cut interest rates this year, Bloomberg reported. The tech-heavy Nasdaq Composite ended up by 141.23 points or 0.87% at 16,447.87. The S&P 500 dropped by 14.02 points or 0.27% at 5,195.89, while the Dow Jones Industrial Average ended lower by 442.50 points or 1.14% at 38,441.17.
US Dollar
The US Dollar Index (DXY), which measures the value of the dollar against a basket of six foreign currencies, traded up by 0.01% at 105.28.
Crude Oil
WTI crude prices are trading at $85 down by 1.41%, while Brent crude prices are trading at $90.15 down by 0.08%, on Friday morning.
Asian Markets
Shares in the Asia-Pacific region are trading in mixed territory on Friday morning. The Asia Dow is trading up by 0.14%, where as the Japan’s Nikkei 225 is trading in green, up by 0.43%, Hong Kong’s Hang Seng index is ended lower by 0.26% and the benchmark Chinese index Shanghai Composite is ended up by 0.23%.
FII, DII Data
Foreign institutional investors (FII) bought shares worth net Rs 2,778.2 crore, while domestic institutional investors (DII) mopped shares worth net Rs 163.4 crore on April 10, 2024, according to the provisional data available on the NSE.
F&O Ban
The NSE has added Balrampur Chini Mills, Exide Industries, Hindustan Copper, IDEA, India Cements, National Aluminium, Sail, and Zee Entertainment Enterprise in F&O on April 12, 2024.
Technical View
Commenting on the Technical outlook of Nifty Rupak De, Senior Technical Analyst, LKP Securities, said The Nifty mostly remained sideways today as investors preferred to wait ahead of the US CPI inflation data, which could potentially impact rate cuts by the Fed. The resistance zone is placed at 22,700-22,750, while support is at 22,600. A decisive move above 22,750 might induce a rally towards 23,000 in the short term. Since the market appears to be range-bound, buying on dips and selling on rallies might prove to be a good strategy with proper stop-loss measures.
Bank Nifty Outlook
“The Bank Nifty index remained in consolidation mode at elevated levels, struggling to close above the 49,000 mark. Immediate support rests at 48,500, with resistance at 49,000. Any decisive move beyond these levels is expected to trigger trending moves. The index maintains a buy-on-dip stance, with 48,500 acting as a crucial support level to cushion against any downturns,” said Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities.