GIFT Nifty indicated that Indian equity indices BSE Sensex and NSE Nifty 50 may see a positive opening on Thursday. Here is all you need to know before the market opens.
GIFT Nifty traded up 72 points or 0.33% at 21,956.50 indicating a positive opening for domestic indices NSE Nifty 50 and BSE Sensex on Thursday. Previously, on Wednesday, the NSE Nifty 50 lost nearly 250 points or 1.11% to settle at 21,951.15, while the BSE Sensex closed 790.34 points or 1.08% higher at 72,304.88.
Key things to know before share market opens on February 29, 2024
Wall Street
The equity indices in the US closed in negative territory. The Dow Jones Industrial Average lost 23.39 points, or 0.06% to 38,949.02. The tech-heavy Nasdaq Composite shed 0.55% to close at 15,947.74. While the S&P 500 slipped 0.17% to settle at 5,069.76.
US Dollar
The US Dollar Index (DXY), which measures the dollar’s value against a basket of six foreign currencies, traded lower, 0.07% at 103.91.
Crude Oil
WTI crude prices are trading at $78.38 down by 0.21%, while Brent crude prices are trading at $81.91 down by 0.29%, on Thursday morning.
Asian Markets
Asian equity indices closed in the red. Japan’s Nikkei 225 was down 0.27% at 39,103.54. Similarly, the Asia Dow fell 1.11% to 3,228.70. Hong Kong’s Hang Seng index was down 1.51% at 16,536.85. The benchmark Chinese index Shanghai Composite closed 1.91% lower at 2,957.85.
FII, DII Data
Foreign institutional investors (FII) sold shares net worth Rs 1,879.23 crore. While, domestic institutional investors (DII) bought shares net worth Rs 1,827.45 crore on February 28, 2024, according to the provisional data available on the NSE.
F&O Ban
Indus Tower and Steel Authority of India Ltd were on the ban list on February 29.
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 on February 28 and traded with a negative bias throughout the day. It closed in the negative down – 247 points.
“On the daily charts, we can observe that the Nifty on account of the sharp decline has reached the 20-day moving average (21944). The broad range of 21800 – 22300 still has not been breached. The daily as well as hourly momentum indicators have a negative crossover which is a sell signal, however, prices are still in a range and hence a decisive breach below 21875 i.e. the previous swing low is required to validate the change of trend,” Gedia said. The Index is around the crucial support zone 21900 which is likely to act as a make-or-break level from a short-term perspective.
Bank Nifty Outlook
Bank Nifty has decisively breached the 20- and 40-day moving averages (46125 – 46281) and closed below it on February 28, which is a sign of weakness. It is very close to its crucial support zone of 45700 – 45675 which coincides with the 61.82% Fibonacci retracement level of the previous rise from 44634 – 47359. Thus, bank nifty is also approaching a crucial support zone from a short-term perspective, said Jatin Gedia, technical research analyst at Sharekhan by BNP Paribas.
