GIFT Nifty indicated that Indian equity indices BSE Sensex and NSE Nifty 50 may see a positive opening on Tuesday. Here is all you need to know before the market opens.
GIFT Nifty ended up by 22 points or 0.10% at 21,821.50 indicating a positive opening for domestic indices NSE Nifty 50 and BSE Sensex on Tuesday. Previously, on Monday, the NSE Nifty 50 dropped 82.10 points or 0.38% to settle at 21,771.70, while the BSE Sensex plunged by 354.22 points or 0.49% to 71,731.42.
“Markets started the week on a subdued note and shed nearly half a percent. After the flat opening, the Nifty oscillated in a narrow range however a sharp dip in the final hours pushed the index lower. Meanwhile, traction continued in pharma, auto and energy packs while FMCG, financials and IT were slightly on the back foot. It was a muted session for the broader indices too as both ended flat,” Ajit Mishra, SVP – Technical Research, Religare Broking Ltd.
Will Nifty scale to 25,000 and end the week with gains? See GIFT Nifty, FII data, F&O ban, crude, more before market opens 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 Are Nifty bulls ready to reclaim the 25,000 mark? 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
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Mishra also added that, Indications are in favor of consolidation to continue and expect Nifty to respect the 21,450-21,600 zone, in case the profit taking extends. Interestingly, the prevailing buoyancy in the PSU pack and broader indices has not been impacted so far but we feel traders should now maintain caution while chasing the momentum and keep an exit plan in place.
Key things to know before share market opens on February 5, 2024
Wall Street
Wall Street traders sent both stocks and bonds down, following stronger-than-estimated U.S. economic data and signals that the Federal Reserve isn’t ready to call victory over inflation just yet, reported Bloomberg. The tech-heavy Nasdaq Composite dropped 31.27 points or 0.20% at 15,597.68. The S&P 500 plunged by 15.80 points or 0.32% at 4,942.81, while the Dow Jones Industrial Average ended lower by 274.30 points or 0.71% at 38,380.12.
US Dollar
The US Dollar Index (DXY), which measures the value of the dollar against a basket of six foreign currencies, traded unchanged at 104.45.
Crude Oil
WTI crude prices are trading at $72.70 down by 0.11%, while Brent crude prices are trading at $77.89 down by 0.13%, on Tuesday morning.
Asian Markets
Shares in the Asia-Pacific region are trading Tuesday’s session in mixed territory. The Asia Dow is trading down by 0.89%, where as the Japan’s Nikkei 225 is trading in red, down by 0.53%, Hong Kong’s Hang Seng index closed lower on Monday by 0.15% and the benchmark Chinese index Shanghai Composite is dropped by 1.02% to end Monday’s trading session.
FII, DII Data
Foreign institutional investors (FII) bought shares worth net Rs 518.88 crore, while domestic institutional investors (DII) offloaded shares worth net Rs 1,188.68 crore on February 5, 2023, according to the provisional data available on the NSE.
F&O Ban
The NSE has added Hindustan Copper, India Cements, Indus Tower, National Aluminium, UPL, and Zee Entertainment Enterprise Enterprise February 6, 2024.
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Technical View
Commenting on the Technical outlook of Nifty Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities, said The Nifty index has formed a double top pattern on the daily chart, signaling a potential cautionary stance for traders. The resistance level is identified at 22,200, and a decisive break above this on a closing basis could invalidate the bearish outlook. Conversely, the support for the index is situated at 21,650, coinciding with its 20DMA (20-day moving average). A breach below this support level might intensify selling pressure in the market.
Bank Nifty Outlook
“The Bank Nifty index is currently in a bearish territory, encountering formidable resistance at 46,500. The index’s immediate support is positioned at 45,400, and a breach below this level is anticipated to trigger additional selling pressure. The index persists in a “sell on rise” mode unless it convincingly surpasses the 46,500 mark on a closing basis,” said Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities.
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