GIFT Nifty indicated that Indian equity indices BSE Sensex and NSE Nifty 50 may see a positive opening on Monday. Here is all you need to know before the market opens.
GIFT Nifty traded up by 42.50 points or 0.19% at 22,524 indicating a positive opening for domestic indices NSE Nifty 50 and BSE Sensex on Monday. Previously, on Thursday, the NSE Nifty 50 ended up by 203.25 points or 0.92% to settle at 22,326.90, while the BSE gained 655.04 points or 0.90% to 73,651.35.
“Market extended gains and almost retested the record high, tracking favorable cues. After the initial uptick, Nifty moved from strength to strength for most of the session however a sharp dip in the final hour trimmed the gains. Eventually, it settled at 22,326.90 level; up by 0.92%. All the key sectors contributed to the move wherein metal, pharma and auto were among the top gainers. Meanwhile, the broader indices traded mixed but managed to end in the green,” said Ajit Mishra, SVP – Technical Research, Religare Broking Ltd.
Mishra also added that, The recent move indicates a change in tone but profit taking at record highs indicates caution at higher levels. We feel the alignment between the Nifty and banking majors would play a key role in setting the next directional move. Besides, global cues, especially from the US markets, will also be the focus. Amid all, we suggest continuing focus on stock selection, with a preference for the index majors and large midcaps.
Key things to know before share market opens on April 1, 2024
Wall Street
A stellar quarter for U.S. stocks is ending with a sense of caution, with traders gearing up for key inflation data after the latest Fedspeak reinforced bets policymakers will be in no rush to cut interest rates, Bloomberg reported. The tech-heavy Nasdaq Composite ended down by 20.06 points or 0.12% at 16,379.46. The S&P 500 gained by 5.86 points or 0.11% at 5,254.35, while the Dow Jones Industrial Average ended higher by just 47.29 points or 0.12% at 39,807.37.
US Dollar
The US Dollar Index (DXY), which measures the value of the dollar against a basket of six foreign currencies, traded down by 0.05% at 104.43.
Crude Oil
WTI crude prices are trading at $83.14 up by 0.02%, while Brent crude prices are trading at $86.82 down by 0.18%, on Monday morning.
Asian Markets
Shares in the Asia-Pacific region are trading in positive territory on Monday morning. The Asia Dow is trading down by 0.33%, where as the Japan’s Nikkei 225 is trading in green, up by 0.13%, Hong Kong’s Hang Seng index is ended higher by 0.91% and the benchmark Chinese index Shanghai Composite is ended up by 1.01%.
FII, DII Data
Foreign institutional investors (FII) mopped shares worth net Rs 188.31 crore, while domestic institutional investors (DII) bought shares worth net Rs 2,691.52 crore on March 28, 2024, according to the provisional data available on the NSE.
F&O Ban
The NSE has added Zee Entertainment in F&O on April 1, 2024.
Technical View
Commenting on the Technical outlook of Nifty Rupak De, Senior Technical Analyst, LKP Securities, said The Nifty has rallied significantly, surpassing the 22,500 mark after maintaining momentum beyond 22,100. Furthermore, there’s a clear breakout in consolidation on the daily timeframe, signaling rising optimism. Nevertheless, the Nifty encountered initial resistance near its previous swing high of 22,526. Consequently, to sustain a continued rally, it must surpass the 22,525 level decisively. On the downside, 22,200 could serve as short-term support.
Bank Nifty Outlook
“After a period of bullish resurgence, the Bank Nifty index exhibited strength by surpassing the 20-day moving average hurdle set at 47,000, backed by significant volumes. Despite this, it faced resistance around the 47,500 mark. A decisive breach above this resistance could propel the index towards the 48,000 level. Conversely, the immediate support is situated at the 47,000-46,800 zone. A conclusive drop below this support level, especially on a closing basis, might indicate a false breakout scenario,” said Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities.
