GIFT Nifty traded up 0.15% at  19,659.5, during Friday’s early trading session, indicating a positive opening for domestic indices NSE Nifty 50 and BSE Sensex. On Thursdays, the market witnessed a sharp sell-off and benchmark domestic indices settled in red. The NSE Nifty 50 tumbled 192.90 points, or 0.98%, to settle at 19,523.55, while the BSE Sensex tanked 610.37 points to 65,508.32.

“The Indian stock market faced significant downward pressure as investors grew increasingly concerned about the surging oil prices. Should the price of crude oil persistently remain above the $90 mark, it poses a potential danger to inflation rates and could erode profit margins for businesses,” said Deven Mehata, Equity Research Analyst, Choice Broking.

Key things to know before share market opens on September 29, 2023 

Wall Street

Wall Street ended higher on Thursday. The tech-heavy Nasdaq Composite soared 108.43 points, or 0.83%, to 13,201.28. The Dow Jones Industrial Average rose 116.07 points, or 0.35%, to 33,666.34 and the S&P 500 gained 25.19 points, or 0.59%, to 4,299.70.

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 Will Nifty trade above 24,800 ahead of weekly expiry? 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 Will Nifty scale up to 24,500 or see profit booking from higher levels? See GIFT Nifty, FII data, F&O ban, crude, more before market opens

Crude Oil 

Oil prices are on a surge on Friday. WTI crude prices are trading at $91.88, up 0.19%, while Brent crude prices are trading at $95.17 down 0.22%.

Asian Market 

Shares in the Asia-Pacific region are trading on a mixed note on Friday morning. The Asia Dow is trading up 0.26%, whereas the benchmark Chinese index, the Shanghai Composite, is up 0.10%, while Japan’s Nikkei 225 is down 0.20%. Meanwhile, Hong Kong’s Hang Seng index is down 1.36%.

FII, DII Data 

Foreign institutional investors (FII) offloaded shares worth net Rs 3,364.22 crore, while domestic institutional investors (DII) added shares worth net Rs 2,711.48 crore on September 28, 2023, according to the provisional data available on the NSE.

Technical View 

Commenting on the technical outlook of Nifty 50, Jatin Gedia – Technical Research Analyst at Sharekhan by BNP Paribas said,” On the daily charts we can observe that the Nifty has closed below 19,600 – 19,550 zone where multiple supports were placed. This is a sign of further weakness. On the way down it can slip further towards 19,500 – 19,440 which is the 78.6% Fibonacci retracement level of the rise from 19,224 – 20,222.  Daily and hourly momentum indicator has a negative crossover which is a sell signal. Thus, both price and momentum indicator suggest that there is a further downside possible over the next few trading sessions. In terms of levels, 19,500 – 19,440 is the crucial support zone while 19,625 – 19,650 shall act as an immediate hurdle zone.”

Bank Nifty Outlook

On Thursdays, the Bank Nifty index shed as much as 287.35 points, or 0.64% to 44,300.95. “Bank Nifty witnessed sustained selling pressure throughout the day to close around the lows for the day. The daily momentum indicator has a negative crossover which is a sell signal. On the downside we expect the Bank Nifty to drift towards 43,800. On the upside 44,700 – 44,800 shall act as an immediate hurdle zone,” Jatin Gedia added.