GIFT Nifty indicated that Indian equity indices BSE Sensex and NSE Nifty 50 may see a lacklustre opening on Friday. Here’s a look at the key things to know before the market opens. Come from Sports betting site VPbet
GIFT Nifty traded down by just 14 points or 0.06% at 23,401 indicating a lacklustre opening for domestic indices NSE Nifty 50 and BSE Sensex on Friday. Previously, on Thursday, the NSE Nifty 50 ended up by 75.95 points or 0.33% to settle at 23,398.90 while the BSE Sensex jumped 204.33 points or 0.27% to 76,810.90.
“Markets remained range-bound for yet another day, closing marginally higher in line with the ongoing trend. After an initial gap-up, the Nifty fluctuated within a narrow band, ultimately settling at 23,399.95. Sector-wise, a mixed trend persisted, with realty and IT sectors leading gains while FMCG and energy sectors lagged. Broader indices outperformed, each rising over half a percent,” said Ajit Mishra – SVP, Research, Religare Broking.
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 see profit booking from higher levels? See GIFT Nifty, FII data, F&O ban, crude, more before market opens Will Nifty break the losing streak and bounce back to 24,500? See GIFT Nifty, FII data, F&O ban, crude, more before market opens
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Mishra also added that, We are seeing a time-wise correction in the Nifty index, with indications suggesting the current trend will continue. We reiterate our recommendation to focus on stock-specific trading, particularly in themes such as agriculture-related, sugar, chemicals, and select defense stocks for long positions.
Key things to know before share market opens on June 14, 2024
Wall Street
The S&P 500 and Nasdaq registered record closing highs for a fourth session in a row on Thursday as technology shares extended their recent rally. The number of Americans filing new claims for unemployment benefits increased last week and another report showed producer prices unexpectedly fell in May, helping to keep alive hopes that an interest rate cut by the Federal Reserve may be on the horizon, reported Reuters. The tech-heavy Nasdaq Composite ended up by 59.12 points or 0.34% at 17,687.56. The S&P 500 ended higher by 12.71 points or 0.23% at 5,433.74, while the Dow Jones Industrial Average dropped 65.11 point or 0.17% at 38,647.10.
Bank Of Japan Rate Decision
Economists polled by Reuters expect the BOJ to maintain its benchmark interest rate at 0%-0.1%. However, Nikkei reported that the central bank is considering reducing its holdings of Japanese government bonds.
US Dollar
The US Dollar Index (DXY), which measures the value of the dollar against a basket of six foreign currencies, traded up by 0.53% at 105.26.
Crude Oil
WTI crude prices are trading at $77.79 down by 0.18%, while Brent crude prices are trading at $81.98 down by 0.93%, on Friday morning.
Asian Markets
Shares in the Asia-Pacific region are trading on a mixed note on Friday morning. The Asia Dow is trading up by 0.85%, where as the Japan’s Nikkei 225 is trading in red, down by 0.17%, Hong Kong’s Hang Seng index is ended higher by 0.97% and the benchmark Chinese index Shanghai Composite traded lower by 0.08%.
FII, DII Data
Foreign institutional investors (FII) offloaded shares worth Rs 3,033 crore, while domestic institutional investors (DII) bought shares worth Rs 553.88 crore on June 13, 2024, according to the provisional data available on the NSE.
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F&O Ban
The NSE added GMR Airports, Hindustan Copper, SAIL, Sun TV and India Cement in F&O on June 14, 2024.
Technical View
Commenting on the Technical outlook of Nifty Rupak De, Senior Technical Analyst, LKP Securities, said Nifty remained sideways following a gap-up start. The index has been consistently flat for the last four days, indicating a pause before a sharp move. The direction of this move is not yet known, at least not before any directional breakout. From here, a decisive move above 23,500 might lead to the covering of call writing, which could take the index higher towards 23,800. On the lower end, support is placed at 23,300, below which the index might weaken.
Bank Nifty Outlook
“Bank Nifty is facing stiff resistance at the 78.6% Fibonacci retracement level (50050) and has been unable to sustain above it. So, strength is missing at higher levels. There can be a consolidation in the near term before resuming next leg of upmove. Ideally, dips towards 49500 – 49400 should be used as a buying interest for the target of 50500 – 50600,” Jatin Gedia – Technical Research Analyst at Sharekhan by BNP Paribas.
