GIFT Nifty indicated that Indian equity indices BSE Sensex and NSE Nifty 50 may see a weak opening on Thursday. Here is all you need to know before the market opens.
GIFT Nifty traded down 63.50 points or 0.29% at 22,032.00 indicating a negative opening for domestic indices NSE Nifty 50 and BSE Sensex on Thursday. Previously, on Wednesday, the NSE Nifty 50 shed around 340 points or 1.51% to settle at 21,997.70, while the BSE Sensex closed 906.07 points or 1.23% lower at 72,761.89.
Key things to know before share market opens on March 14, 2024
Wall Street
The equity indices in the US closed on a mixed note. The tech-heavy Nasdaq Composite pulled back 0.54% to close at 16,177.77. While the S&P 500 slid 0.19% to settle at 5,165.31. Bucking the trend, the Dow Jones Industrial Average rose 37.83 points or 0.1% to 39,043.32.
US Dollar
The US Dollar Index (DXY), which measures the dollar’s value against a basket of six foreign currencies, traded marginally higher, 0.01% at 102.80.
Crude Oil
WTI crude prices were trading at $79.83 up by 0.14%, while Brent crude prices were trading at $84.12 up by 0.17%, on Thursday morning.
Asian Markets
Asian equity indices closed on a negative note. Japan’s Nikkei 225 was down 0.41% at 38,537. Similarly, the Asia Dow was down 0.70% to 3,259.72. Further, Hong Kong’s Hang Seng index was down 0.07% at 17,082. The benchmark Chinese index Shanghai Composite closed 0.40% lower at 3,043..
FII, DII Data
Foreign institutional investors (FII) sold shares net worth Rs 4,595.06 crore. Similarly, domestic institutional investors (DII) bought shares net worth Rs 9,093.72 crore on March 13, 2024, according to the provisional data available on the NSE.
F&O Ban
Aditya Birla Fashion, Hindustan Copper, Manappuram Finance, National Aluminium, Piramal Enterprise, RBL Bank, Sail, Tata Chemical, and Zee Entertainment Enterprise were in the F&O ban list on Thursday.
Technical View
Commenting on the technical outlook Jatin Gedia, a technical research analyst at Sharekhan by BNP Paribas, said that on March 13 Nifty opened on a positive note however witnessed severe selling pressure and ended the day on a negative note.
“On the daily charts, we can observe that the Nifty decisively breached the range 22200 – 22600 on the downside. Also, in the process has breached and closed below the 20-day moving average (22206). The daily momentum indicator had a negative crossover and today’s price has also confirmed the weakness. Thus, we change the short-term outlook to sideways and the range of consolidation is likely to be 21500 – 22300. As per the Elliott wave principle, we believe that the Nifty is forming wave D of an Ending Diagonal pattern. Below 21530, the assumption of wave d shall be negated. In terms of levels, 21910 – 21860 is the crucial support zone while 22200 – 22230 shall act as an immediate hurdle zone from a short-term perspective,” said Gedia.
Bank Nifty Outlook
Bank Nifty held on to the 20-day average (46962) and managed to close above that. With participation coming in from Key heavyweights like ICICI Bank, HDFC Bank, and Kotak Bank we expect it to hold on to the support zone 46900 – 46700 and recover, said Jatin Gedia, technical research analyst at Sharekhan by BNP Paribas.
