GIFT Nifty indicated a positive start for domestic indices BSE Sensex and NSE Nifty 50. Here’s a look at the things to know ahead of the opening bell on Monday.
GIFT Nifty traded at 19,809.50 slightly up by 7.50 points or 0.07%, indicating a flat opening for domestic indices NSE Nifty 50 and BSE Sensex on Monday. Previously, on Friday, the NSE Nifty 50 dipped 33.40 points or 0.17% to settle at 19,731.80, while the BSE Sensex dropped 187.75 points or 0.28% to 65,794.73.
“Markets took a breather after two days of advance and ended marginally lower. After the initial downtick, Nifty hovered in a narrow band for most of the session and finally settled at 19731.80 levels. Meanwhile, mixed trends on the sectoral front kept the traders busy wherein pharma, FMCG and auto posted decent gains while banking and energy were on the back foot. Interestingly, the broader indices managed to extend their prevailing tone and ended flat,” said Ajit Mishra, SVP – Technical Research, Religare Broking Ltd
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 Are Nifty bulls ready to reclaim the 25,000 mark? See GIFT Nifty, FII data, F&O ban, crude, more before market opens RBI keeps rates unchanged- Bank stocks rebound, real estate and auto stocks steady 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
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“The underperformance of the banking pack has started weighing on the sentiment again however buoyancy in other sectors is capping the damage. Going ahead, the performance of the global markets, especially the US, will remain in focus for cues. We suggest continuing with positive bias until Nifty breaches 19,450 and prefer sectors other than banking and financials for long trades. ,” Ajit Mishra added.
Key things to know before share market opens on November 20, 2023
Wall Street
The S&P 500 and the Nasdaq managed to eke out tiny gains on Friday while the Dow Industrial Average (.DJI) ended slightly lower with pressure from tech and retail bellwethers Cisco and Walmart after disappointing forecasts, reported Reuters. The tech-heavy Nasdaq Composite dropped 5.75 points or 0.04% at 14,107.92. The S&P 500 added 1.87 points or 0.04% at 4,510.11, while the Dow Jones Industrial Average ended flat up by just 1.81 points or 0.05% to 34,947.28.
US Dollar
The US Dollar Index (DXY), which measures the value of the dollar against a basket of six foreign currencies, traded flat 0.01% at 103.92.
Crude Oil
WTI crude prices are trading at $76.12 up 0.08%, while Brent crude prices are trading at $80.60 down 0.01%, on Monday morning.
Asian Markets
Shares in the Asia-Pacific region are trading in the green on Monday morning. The Asia Dow is trading down 0.09%, Japan’s Nikkei 225 is greem, up 0.26%, Hong Kong’s Hang Seng index is trading down 2.12% and the benchmark Chinese index Shanghai Composite is flat.
FII, DII Data
Foreign institutional investors (FII) sold shares worth net Rs 477.76 crore, while domestic institutional investors (DII) offloaded shares worth net Rs 565.48 crore on November 17, 2023, according to the provisional data available on the NSE.
F&O Ban
The NSE has added Chambal Fertilisers and Chemicals, Delta Corp, Hindustan Copper, India Cements, Manappuram Finance, MCX, RBL Bank, and ZEEL to its F&O ban list for November 16, 2023.
Technical View
Commenting on the Technical outlook of Rupak De, Senior Technical analyst at LKP Securities, said, “The Nifty has largely traded within a range, showing a predominantly bullish sentiment. Over the past two to three days, a ‘buy on dips’ approach has been loved by the street since the Nifty crossed the crucial 19,500 mark. The trend is expected to stay positive as the Nifty consistently concludes trading sessions above the critical moving averages. Support levels are situated at 19,630/19,500 on the lower end, while resistance is placed at 19,850/ 20,000 on the higher end.”
Bank Nifty Outlook
“Following the RBI’s announcement of tightening provisions for consumer loans, the Bank Nifty opened with a gap down and sustained below the 44,000 mark. The index’s next support is situated at the 43,300-43,250 zone, serving as a crucial line of defense for the bulls. If this level holds, it could pave the way for a potential recovery towards the 44,000 mark. However, a breach of the mentioned support may intensify selling pressure, leading the index further down towards the 42,700 level on the downside.” said Kunal Shah, Senior Technical & Derivative analyst at LKP Securities
