GIFT Nifty indicated that Indian equity indices BSE Sensex and NSE Nifty 50 may see a subdued opening on Thursday. Here is all you need to know before the market opens.
GIFT Nifty trading up 35 points or 0.16% at 21,822 indicating a subdued opening for domestic indices NSE Nifty 50 and BSE Sensex on Thursday. Previously, on Wednesday, the NSE Nifty 50 gained 203.60 points or 0.95% to settle at 21,725.70, while the BSE Sensex closed 612.21 points or 0.86% higher at 71,752.11.
Key things to know before share market opens on February 01, 2024
Wall Street
The three major US benchmark indices closed in red, with the S&P 500 falling to 4,845.65. The tech-heavy Nasdaq Composite slipped 2.23% at 15,164.01. The 30-stock Dow Industrial Average closed 317.01 points, or 0.82% lower at 38,150.30.
US Dollar
The US Dollar Index (DXY), which measures the dollar’s value against a basket of six foreign currencies, traded higher by 0.28% at 103.56.
Crude Oil
WTI crude prices are trading at $76.19 up by 0.45%, while Brent crude prices are trading at $80.85 up by 0.38%, on Thursday morning.
Asian Markets
Shares in the Asia-Pacific region were trading in mixed territory. The Asia Dow was trading up by 0.42%. Whereas Japan’s Nikkei 225 was trading in the red, down by 0.64% and Hong Kong’s Hang Seng index was trading lower by 1.39%. The benchmark Chinese index Shanghai Composite was trading lower by 1.48% during the early trade hours.
F&O Ban
ZEE Entertainment Enterprises, Steel Authority of India
FII, DII Data
Foreign institutional investors (FII) bought shares worth net Rs 1,660.72 crore. Domestic institutional investors (DII) bought shares worth net Rs 2,542.93 crore on January 31, 2024, according to the provisional data available on the NSE.
Bank Nifty Outlook
“Bank Nifty witnessed a sharp surge during the day and marched towards 46000. On the upside it is approaching key hurdles placed in the range 46370 – 46640 where the key daily moving averages are placed. Thus, the current rally can extend towards this zone from a couple of days perspective. On the downside, 45200 shall act as a crucial support zone,” said Jatin Gedia, technical research analyst at Sharekhan by BNP Paribas.
Technical View
Commenting on the Technical outlook of Jatin Gedia, technical research analyst at Sharekhan by BNP Paribas, said that the Nifty opened marginally in the red and as the day progressed it witnessed buying interest and closed the day in the green up ~200 points.
“On the daily charts we can observe that the Nifty is broadly trading within the range of 21100 – 21800 since the past nine trading sessions. The Nifty has been trading in a volatile manner within this broad range. The momentum setup is providing a divergent signal as both daily and hourly momentum indicators have a negative crossover but prices are moving higher. Under such a situation when the price and momentum indicator are not in sync it generally leads to a range bound move. Considering the event of interim budget volatility is likely to continue. Key support levels are 21550 – 21500 while immediate hurdle zone is placed at 21850 – 21900,” said Gedia.