GIFT Nifty indicated that Indian equity indices BSE Sensex and NSE Nifty 50 may see a positive opening on Friday. Here is all you need to know before the market opens.
GIFT Nifty traded up by 71 points or 0.32% at 22,338 indicating a positive opening for domestic indices NSE Nifty 50 and BSE Sensex on Friday. Previously, on Thursday, the NSE Nifty 50 ended up by 162.40 points or 0.74% to settle at 22,217.45, while the BSE Sensex jumped 535.15 points or 0.74% to 73,158.24.
“The domestic market staged a recovery from the day’s low, buoyed by positive PMI data from the Eurozone and an impressive earnings report from US tech stocks,” said Vinod Nair, Head of Research, Geojit Financial Services.
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 Will Nifty trade above 24,800 ahead of weekly expiry? 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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Nair also added that, The broader market showed resilience as India’s economic activity continued to expand in February, with both service and manufacturing PMI improving. Consequently, it resulted in outperformance in discretionary stocks and capital goods.
Key things to know before share market opens on February 23, 2024
Wall Street
The U.S. stock rally powered ahead as Nvidia Corp.’s bullish outlook rekindled the artificial intelligence mania and data showed the world’s largest economy is still going strong, Bloomberg reported. The tech-heavy Nasdaq Composite ended up by 460.75 points or 2.96% at 16,041.62. The S&P 500 gained by 105.23 points or 2.11% at 5,087.03, while the Dow Jones Industrial Average ended higher by 456.87 points or 1.18% at 39,069.11.
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The US Dollar Index (DXY), which measures the value of the dollar against a basket of six foreign currencies, traded down by 0.06% at 103.90.
Crude Oil
WTI crude prices are trading at $78.25 down by 0.32%, while Brent crude prices are trading at $83.26 down by 0.49%, on Friday morning.
Asian Markets
Shares in the Asia-Pacific region are trading in positive territory on Friday morning. The Asia Dow is trading up by 1.14%, where as the Japan’s Nikkei 225 is trading in green, up by 2.19%, Hong Kong’s Hang Seng index is ended higher by 1.45% and the benchmark Chinese index Shanghai Composite is ended higher by 1.27%.
FII, DII Data
Foreign institutional investors (FII) offloaded shares worth net Rs 1,410.1 crore, while domestic institutional investors (DII) bought shares worth net Rs 1,823.7 crore on February 22, 2023, according to the provisional data available on the NSE.
F&O Ban
The NSE has added Aditya Birla Fashion and Retail, Ashok Leyland, Balrampur Chini Mills, Bandhan Bank, Biocon, GMR Infra, GNFC, Hindustan Copper, Indus Tower, National Aluminium, Piramal enterprise, PVR Inox, RBL Bank, SAIL, and Zee Entertainment Enterprise on February 23, 2024.
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Technical View
Commenting on the Technical outlook of Nifty Rupak De, Senior Technical Analyst, LKP Securities, said The market remained highly volatile due to the weekly expiry of Nifty options. On the lower end, it found support at the 21EMA before rallying towards higher levels. The momentum indicator has experienced a bullish crossover. Overall sentiment has turned positive once again, with the potential to reach towards 22,400/22,600 in the short term. On the lower end, support is placed at 22,100.
Bank Nifty Outlook
“The Bank Nifty bulls made a strong comeback, leading to a sharp recovery in the index from lower levels. The formation of a long-legged doji candle on the daily chart is considered bullish, suggesting potential further upside towards the 48000 mark. The index finds support at 46500, where aggressive put writing is evident. The bullish sentiment remains intact unless there is a decisive break below this support level.,” said Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities.
