GIFT Nifty indicated that Indian equity indices BSE Sensex and NSE Nifty 50 may see a positive opening on Tuesday. Here’s a look at the key things to watch ahead the day starts.
GIFT Nifty traded up by just 31.50 points or 0.15% at 21,533, indicating a positive opening for domestic indices NSE Nifty 50 and BSE Sensex on Wednesday. Previously, on Tuesday, the NSE Nifty 50 gained 91.95 points or 0.43% to settle at 21,441.35, while the BSE Sensex ended higher by 229.84 points or 0.32% to 71,336.80.
“Markets extended rebound and gained nearly half a percent amid mixed cues. After the initial up move, Nifty hovered in a narrow range and finally settled at 21,441.35 level. Meanwhile, a mixed trend on the sectoral front kept the traders busy wherein energy, metal and pharma were among the top gainers. The broader indices also traded mixed as midcap gained over half a percent but smallcap index managed to close on a flat note,” said Ajit Mishra, SVP – Technical Research, Religare Broking Ltd
Mishra also added that, We have reached closer to the hurdle of 21,500 in Nifty and need support from the banking index to make a serious attempt for trend resumption else profit taking would resume. Amid all, traders should avoid aggressive trades in the index and stay focused on identifying opportunities on stock-specific front. We reiterate our preference for defensive viz. Pharma and FMCG for long trades and suggest picking selectively from others.
Key things to know before share market opens on December 27, 2023
Wall Street
Wall Street kicked off the final week of 2023 on a quieter note after a ferocious rally that put the U.S. stock market within striking distance of its record, reports Bloomberg. The tech-heavy Nasdaq Composite gained 77.93 points or 0.52% at 15,070.90. The S&P 500 jumped 20.65 points or 0.43% at 4,775.28, while the Dow Jones Industrial Average soared 159.36 points or 0.43% to 37,545.33.
US Dollar
The US Dollar Index (DXY), which measures the value of the dollar against a basket of six foreign currencies, traded up by 0.08% at 101.55.
Crude Oil
WTI crude prices are trading at $75.24 down 0.44%, while Brent crude prices are trading at $80.66 down by 0.50%, on Wednesday morning.
Asian Markets
Shares in the Asia-Pacific region are trading in the mixed territory on Wednesday morning. The Asia Dow is trading up by 0.52%, Japan’s Nikkei 225 is green, up by 20.65%, Hong Kong’s Hang Seng index is trading down 1.69% and the benchmark Chinese index Shanghai Composite is trading lower by 0.68%.
FII, DII Data
Foreign institutional investors (FII) offloaded shares worth net Rs 95.20 crore, while domestic institutional investors (DII) bought shares worth net Rs 167.04 crore on December 22, 2023, according to the provisional data available on the NSE.
F&O Ban
The NSE has added Balrampur Chini Mills, Delta Corp, Hindustan Copper, National Aluminum, RBL Bank to its F&O ban list for December 27, 2023.
Technical View
Commenting on the Technical outlook of Rupak De, Senior Technical Analyst at LKP Securities, said, Nifty mostly traded sideways after an initially positive start. The sentiment remains optimistic as the index stays above critical moving averages. At 21,500, there could be significant immediate resistance. A decisive breakout beyond this level could potentially propel the index into a substantial rally. Until then, the index is expected to remain within the range of 21,300 and 21,500.
Bank Nifty Outlook
“The Bank Nifty sentiment has again turned positive as the index moves back above 47,500. A small green bodied candle within the previous red candle indicates a potential bullish trend ahead. Support is established at 47,500 while resistance is observed at 48,000/48,250 on the higher side,” said Rupak De, Senior Technical Analyst at LKP Securities.