GIFT Nifty indicated that Indian equity indices BSE Sensex and NSE Nifty 50 may see a positive opening on Monday. Here is all you need to know before the market opens.
GIFT Nifty ended down by 116 points or 0.54% at 21,656 indicating a positive opening for domestic indices NSE Nifty 50 and BSE Sensex on Monday. Previously, on Thursday, the NSE Nifty 50 lost 101.35 points or 0.47% to settle at 21,352.60, while the BSE Sensex closed 359.64 points or 0.51% lower to 70,700.67.
Key things to know before share market opens on January 29, 2024
Wall Street
The three major US benchmark indices closed in the red. The S&P 500 closed 0.09% lower at 4,889.67. The tech-heavy Nasdaq Composite lost 0.41% at 15,446.48. The 30-stock Dow Industrial Average gained 60.30 points, or 0.16%, to 38,109.43.
US Dollar
The US Dollar Index (DXY), which measures the value of the dollar against a basket of six foreign currencies, traded higher by 0.11% at 103.55.
Crude Oil
WTI crude prices are trading at $78.22 up by 0.26%, while Brent crude prices are trading at $83.74 up by 0.24%, on Monday morning.
Asian Markets
Shares in the Asia-Pacific region were majorly in positive territory. The Asia Dow is trading down by 0.14%, whereas Japan’s Nikkei 225 is trading in the green, up by 0.99% and Hong Kong’s Hang Seng index is trading higher by 1.56%. The benchmark Chinese index Shanghai Composite is trading higher by 0.21% during the early trade hours.
FII, DII Data
Foreign institutional investors (FII) offloaded shares worth net Rs 2,144.06 crore. However, domestic institutional investors (DII) bought shares worth net Rs 3,474.89 crore on January 25, 2024, according to the provisional data available on the NSE.
Technical View
Commenting on the Technical outlook of Jatin Gedia, technical research analyst at Sharekhan by BNP Paribas, said that the Nifty opened on a flat note and witnessed volatile price action. It closed down ~90 points. On the daily charts we can observe that the counter trend rally faced resistance at the zone of 21520 – 21550. On the downside 21240 – 21220 zone acted as a support zone where the 40-day moving average is placed. Thus, the Nifty is consolidating within these two parameters. A breach of this range shall lead to a move in that direction. The hourly momentum indicator has a positive crossover which is a buy signal and hence there can be a minor degree bounce up to 21520 – 21550 before it resumes next leg of the fall.
Bank Nifty Outlook
“Bank Nifty has witnessed a sharp pullback from intraday lows though closed marginally in the red. On the hourly charts we can observe that there is a positive divergence and a positive crossover which indicates loss of momentum on the downside and indicates that there can be a relief rally going ahead till 45500- 45700. On the downside 44600 – 44500 is the crucial support zone,” said Jatin Gedia, technical research analyst at Sharekhan by BNP Paribas.
