GIFT Nifty indicated that Indian equity indices BSE Sensex and NSE Nifty 50 may see a negative opening on Wednesday. Here is all you need to know before the market opens.
GIFT Nifty traded down 11.50 points or 0.05% at 22,078.50 indicating a weak opening for domestic indices NSE Nifty 50 and BSE Sensex on Wednesday. Previously, on Tuesday, the NSE Nifty 50 pulled back around 92 points or 0.42% to settle at 22,004.70, while the BSE Sensex closed 362 points or 0.50% lower at 72,470.30.
Key things to know before share market opens on March 27, 2024
Wall Street
The stocks on Wall Street continued to end on a lower note as the market rally cools down. The Dow Jones Industrial Average closed 31.31 points or 0.08% lower at 39,282.33. The S&P 500 fell 0.28% to close at 5,203.58, while the Nasdaq Composite pulled back 0.42% closing at 16,315.70.
US Dollar
The US Dollar Index (DXY), which measures the dollar’s value against a basket of six foreign currencies, traded higher, 0.08% at 104.31.
Crude Oil
WTI crude prices were trading at $81.22 down by 0.52%, while Brent crude prices were trading at $85.66 down by 0.68%, on Wednesday morning.
Asian Markets
Asian equity indices mostly rose breaking the ranks of the US market as the market rally continued to cool. Japan’s Nikkei 225 was up 0.65% at 40,659.51. Further, Hong Kong’s Hang Seng index was up 0.88% at 16,618.32. The benchmark Chinese index Shanghai Composite closed 0.17% lower at 3,031.48. The Asia Dow was up 0.20% to 3,340.39.
FII, DII Data
Foreign institutional investors (FII) bought shares net worth Rs 10.13 crore. Whereas, domestic institutional investors (DII) bought shares net worth Rs 5,024.36 crore on March 22, 2024, according to the provisional data available on the NSE.
F&O Ban
SAIL was the only stock in the F&O ban list on Tuesday.
Technical View
On Tuesday, the Nifty opened gap down. However, it recovered and closed off the intraday lows. It closed down ~92 points.
“On the daily charts, we can observe that the Nifty is broadly trading in the range 21880- 22200 since the last three trading sessions. The range-bound action is likely to continue in the absence of any near-term triggers. Also, as we near the monthly expiry of the March series derivative contracts the volatility seems to have dried down resulting in to range-bound moves,” said Jatin Gedia, Technical Research Analyst at Sharekhan by BNP Paribas. The contraction of the hourly Bollinger bands also suggests sideway price action. Thus, multiple parameters suggest that Nifty is likely to witness subdued price action over the next few trading sessions. Stock-specific action is likely to continue during this period.
Bank Nifty Outlook
Bank Nifty also consolidated within a narrow range around the key daily moving averages. On the downside 46500 is acting as a crucial support while 46900 is acting as an immediate hurdle. “Overall, we expect the Bank Nifty to resume its retracement towards 47000 – 47200 over the next few trading sessions,” said Jatin Gedia, technical research analyst at Sharekhan by BNP Paribas.
