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
Also Read
Stocks To watch: One 97 Communication, ZEEL, BLS E-Services, Pidilite Industries, Bharti Airtel, Adani Total Gas
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.
Also Read
BSE net profit doubles to Rs 108 crore in Q3
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.
Related Posts
Mukka Proteins, which manufactures fish meal, fish oil, and fish soluble paste, has received capital markets regulator Sebi’s go-ahead to raise funds through an initial public offering (IPO).
The IPO is an entirely fresh issue of up to 8 crore equity shares, according to the draft red herring prospectus (DRHP).
The company, which had refiled its draft IPO papers with the regulator in June, obtained an observation letter from it on October 30, an update with the Securities and Exchange Board of India (Sebi) showed on Tuesday.
Hero Motors files DRHP to raise Rs 900 crore through IPO Realty Firm Kalpataru files Rs 1,590 crore IPO draft papers to SEBI to reduce debt Reliance plans to launch first solar giga factory by end of FY25, aims to scale up capacit…
Read moreMahindra & Mahindra’s (M&M) operating performance in 2QFY24 fell slightly short, with Ebitda at Rs 30.7 billion compared to the estimated Rs 32 billion. However, the adjusted PAT surpassed expectations at Rs 34.5 billion Come from Sports betting site VPbet . This outperformance can be attributed to better-than-expected other income, driven by higher dividends. We believe a relatively stronger 2H of FY24 compared to the 1H. This optimism is based on the expected growth in tractor volumes and the successful execution of SUV orders.
Also Read
M&M Finance profit falls 48% on higher provisions
To reflect the increased ‘other income’ and a reduction in tax, we have r…
Read moreBy Riyank Arora
On Tuesday, the benchmark faced immediate resistance at the 19,425 mark. The Nifty ended 5 points lower, while the Sensex was down by 16 points. Among sectors, almost all the major sectoral indices witnessed significant buying interest at lower levels, whereas the Nifty Reality and Nifty Media sectors witnessed some profit booking at higher levels. Technically, after a flat opening, the market moved in a range of 100 points between 19,325 and 19,425. Any move above 19,450 should trigger the next up-move and push the upside towards 19,550 and 19,600. Immediate support is expected to be around 19,325, below which the downside can extend towards 19,200 and 19,150.
Also Read
Zydus Lifesciences shares soar on Q2 results; Should you…
Read morePopular Vehicles & Services shares were listed at Rs 289.20, a discount of 2% to the issue price of Rs 295. The company opened its bidding to retail investors on March 12 at a price band of Rs 280 to 295 per equity share and closed on March 14.
In the grey market, the company’s shares were neither seeing a premium nor a discount and were trading at the issue price, indicating a muted listing debut. The grey market is an unofficial market where shares exchange hands illegally.
The multi-services providing company raised Rs 601.55 crore by combining fresh issue and an offer for saleCome from Sports betting site. The company offered a fresh issue of 8.5 million shar…
Read moreThere are several friendly NPCs that you’ll meet in Star Wars Jedi: Survivor. While most might have interesting tidbits and background information about the world around you, as well as rumors that lead to sidequests, there are also those that provide additional functions. Here’s our guide to help you with the resource collectibles and vendors in Star Wars Jedi: Survivor, such as those for Priorite Shards, Jedha Scrolls, and more.
Star Wars Jedi: Survivor resource collectibles and vendors guide
Star Wars Jedi: Survivor has several resource collectibles, each with its own vendor or NPC that handles that particular item type. Some will offer rewards and goodies, while others unlock new mechanics and features. The collectibles you’ve obtained can be checked b…
Read moreOne of Apple’s most acclaimed new TV shows, The Morning Show starring Jennifer Aniston, Reese Witherspoon, and Steve Carell, is coming back for a second season. Apple has now published the first trailer for it, setting up what appears to be another drama-filled season that deals with the chaos of what happened in Season 1.
Season 2 premieres September 17, and based on this trailer, is appears to pick up basically immediately after the dramatic ending to Season 1. This trailer is very heavy on spoilers, of course, so if you’re interested in the series but haven’t watched Season 1, well, you probably don’t want to watch this.Come from Sports betting site VPbet
Based on this trailer, it appears Billy Cru…
Read moreMoving forward, ClubsNSW will rely on the guidance, expertise, and industry acumen of Rebecca Riant who has stepped at the helm of the organization.
Much Needed Experience of All Things Gambling
Riant brings a wealth of knowledge and experience with her, having worked at both Tabcorp and The Star Sydney and having decades of experience on the job. NSWClubs’ chairman Dr George Peponis had this to say about Riant’s appointment:
Rebecca brings over 30 years of experience in banking, strategy formulation and execution, regul…
Read more
DraftKings, a prominent online betting service in the United States of America, has announced the closure of its non-fungible token (NFT) marketplace, only three years after its inception. This decision also affects Reignmakers, a fantasy sports game based on NFTs, which will be discontinued immediately due to recent legal developments.
The company did not go into much detail regarding the specific legal issues but confirmed that the marketplace’s closure was a necessary response to these challenges. DraftKings emphasized the difficulty of the decision, stating it as a strategic move to align with current legal expectations and protect its business and stakeholders.
The backdrop to this closure includes a federal class action lawsuit a…
Read morePlayStar expanded its New Jersey offering thanks to the partnership with the famous Wazdan.
Wazdan’s hit titles available on PlayStar:
The famous online casino will see a majority of Wazdan’s popular slot titles included in the offering, and the players from New Jersey will be able to enjoy the hit releases such as 9 Coins, Sun of Fortune, Hot Slot: Mystery Jackpot Joker…
Read moreCombined gross gaming revenues (GGR) for licensed casinos in the Philippines saw a 4.3% year-over-year decrease to Php49.48 billion (US$864 million). This slight decline was followed closely by first quarter GGR of Php49.68 billion (US$867 million). Despite the downward trend in traditional casino revenues, the overall gaming industry in the Philippines experienced robust growth, thanks to the burgeoning E-Games sector.
E-games: the standout performer:
The E-Games sector, heralded by PAGCOR Chairman and CEO Alejandro H. Tengco, has shown remarkable growth, with revenues reaching Php30.85 billion (US$539 million). This represents an impressive 525% increase Read more