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 traded up by 48 points or 0.21% at 22,638 indicating a positive opening for domestic indices NSE Nifty 50 and BSE Sensex on Monday. Previously, on Friday, the NSE Nifty 50 ended down by 150.40 points or 0.67% to settle at 22,419.35 while the BSE plunged 609.28 points or 0.82% to 73,730.16.
“The fall was on expected lines as both benchmark indices had rallied for five straight sessions and profit-taking has been due for some time. Correction is also attributed to global factors after Japanese Yen fell to new 34-year low and disappointing US data pushed its benchmark yields to over 4.7%,” said Prashanth Tapse, Senior VP (Research), Mehta Equities.
Tapse also added that, worsening hopes of an interest rate cut in the medium term. Fresh uptick in international crude oil prices on the back of ongoing west asia conflict may also play a spoilsport and weigh on domestic inflation.
Key things to know before share market opens on April 29, 2024
Wall Street
A rally in the world’s largest technology companies lifted stocks, with Wall Street also breathing a sigh of relief after the recent economic data did not further erode the case for rate cuts this year, Bloomberg reported. The tech-heavy Nasdaq Composite ended up by 316.14 points or 2.03% at 15,927.90. The S&P 500 jumped by 51.54 points or 1.02% at 5,099.96, while the Dow Jones Industrial Average ended higher by 153.86 points or 0.40% at 38,239.66.
US Dollar
The US Dollar Index (DXY), which measures the value of the dollar against a basket of six foreign currencies, traded down by 0.13% at 105.95.
Crude Oil
WTI crude prices are trading at $83.24 up by 0.57%, while Brent crude prices are trading at $88.80 up by 0.55%, on Monday morning.
Asian Markets
Shares in the Asia-Pacific region are trading in positive territory on Monday morning. The Asia Dow is trading up by 0.14%, where as the Japan’s Nikkei 225 is trading in green, up by 0.80%, Hong Kong’s Hang Seng index is ended higher by 2.12% and the benchmark Chinese index Shanghai Composite is ended up by 1.17%.
FII, DII Data
Foreign institutional investors (FII) offloaded shares worth net Rs 3,408.9 crore, while domestic institutional investors (DII) bought shares worth net Rs 4,356.8 crore on April 26, 2024, according to the provisional data available on the NSE.
F&O Ban
The NSE has added Vodafone Idea in F&O on April 29, 2024.
Technical View
Commenting on the Technical outlook of Nifty Rupak De, Senior Technical Analyst, LKP Securities, said The Nifty remained under selling pressure throughout the session as the index failed to sustain above the crucial level of 22500. On the daily chart, a dark cloud cover pattern is observed, indicating a potential bearish reversal. Immediate support is situated at 22300, below which the Nifty could extend its losses towards 22000. On the other hand, the level of 22500 might act as a technical resistance for the Nifty.
Bank Nifty Outlook
“Despite facing selling pressure from higher levels, the BankNifty index managed to defend the crucial support at 48000. The bullish sentiment persists as long as it remains above this level, where significant open interest is concentrated on the put side. Currently, the immediate hurdle lies at 48600, and a decisive breakthrough above this level could pave the way for new all-time highs in the index,” said Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities.
