GIFT Nifty indicated that Indian equity indices BSE Sensex and NSE Nifty 50 may see a negative opening on Friday. Here is all you need to know before the market opens.
GIFT Nifty traded down 20 points or 0.09% at 22,172.00 indicating a negative opening for domestic indices NSE Nifty 50 and BSE Sensex on Friday. Previously, on Thursday, the NSE Nifty 50 gained 31.65 points or 0.14% to settle at 21,982.80, while the BSE Sensex closed 195.42 points or 0.27% higher at 72,500.30.
Key things to know before share market opens on March 01, 2024
Wall Street
The equity indices in the US closed in positive territory. The Dow Jones Industrial Average inched up 0.12% to 38,996.39. The tech-heavy Nasdaq Composite advanced 0.90% to close at 16,091.92. While the S&P 500 rose 0.52% to settle at 5,096.27.
US Dollar
The US Dollar Index (DXY), which measures the dollar’s value against a basket of six foreign currencies, traded lower, 0.05% at 104.11.
Crude Oil
WTI crude prices are trading at $78.49 down by 0.29%, while Brent crude prices are trading at $82.21 down by 0.37%, on Friday morning.
Asian Markets
Asian equity indices closed mostly on a positive note. Japan’s Nikkei 225 was up 1.49% at 39,747.98. Similarly, the Asia Dow was up 0.61% to 3,256.55. Bucking the trend, Hong Kong’s Hang Seng index was down 0.15% at 16,511.44. The benchmark Chinese index Shanghai Composite closed 1.94% higher at 3,015.17.
FII, DII Data
Foreign institutional investors (FII) bought shares net worth Rs 3,568.11 crore. While, domestic institutional investors (DII) sold shares net worth Rs 230.21 crore on February 29, 2024, according to the provisional data available on the NSE.
F&O Ban
There were no companies’ stocks on the ban list on March 01.
Technical View
Commenting on the technical outlook Jatin Gedia, a technical research analyst at Sharekhan by BNP Paribas, said that the Nifty opened on a flat note and consolidated for most of the day. It was during the last hour of the trading session that the Nifty witnessed a sharp surge and closed the day well in the green up 32 points. More importantly, the Nifty has held on to the crucial support zone of 21900 – 21850 which coincided with the 20-day moving average and the 50% Fibonacci retracement level of the rise from 21530 – 22249.
“Prices are broadly trading in the range 21800 – 22300 since last nine trading sessions and the momentum setup on the daily and hourly time frame is providing divergent signals which makes a case for the rangebound action to continue. The index is still not out of the woods and it is likely to witness volatile action going ahead. In terms of levels, 21860 – 21800 shall act as a crucial support zone while 22230 – 22250 shall act as an immediate hurdle zone from short term perspective,” said Gedia.
Bank Nifty Outlook
Bank Nifty has held on to the support zone of 45800 – 45600 and witnessed a recovery. Until the low of 45660 is not breached we expect the pullback to continue till 46750 – 46900, said Jatin Gedia, technical research analyst at Sharekhan by BNP Paribas.