GIFT Nifty indicated that Indian equity indices BSE Sensex and NSE Nifty 50 may see a muted opening on Wednesday. Here is all you need to know before the market opens.
GIFT Nifty traded up by 18.50 points or 0.08% at 22,457 indicating a positive opening for domestic indices NSE Nifty 50 and BSE Sensex on Wednesday. Previously, on Tuesday, the NSE Nifty 50 ended up by just 3.05 points or 0.01% to settle at 22,335.70, while the BSE Sensex gained 165.32 points or 0.22% to 73,667.96.
“Markets traded volatile for yet another session and ended almost unchanged, in continuation to the prevailing trend. After the flat start, the Nifty oscillated sharply on both sides and finally settled at the 22,335.70 level. Meanwhile, most sectors ended lower wherein realty, metal and pharma were among the top losers. The broader indices continued to underperform and lost in the range of 1.4%-2%,” said Ajit Mishra, SVP – Technical Research, Religare Broking Ltd.
Mishra also added that, The recent volatility in the index combined with sustained weakness in the broader indices may continue to pose challenges, especially to the traders. And, they have no option but to align positions accordingly and avoid aggressive trades until we see clarity over the next directional move.
Key things to know before share market opens on March 13, 2024
Wall Street
The U.S. stock market managed to rebound after the latest inflation figures did little to alter bets the Federal Reserve will cut rates this year—even if it keeps a more cautious stance for now, Bloomberg reported. The tech-heavy Nasdaq Composite ended up by 246.37 points or 1.54% at 16,256.64. The S&P 500 gained by 57.33 points or 1.12% at 5,175.27, while the Dow Jones Industrial Average ended higher by 235.83 points or 0.61% at 39,005.49.
US Dollar
The US Dollar Index (DXY), which measures the value of the dollar against a basket of six foreign currencies, traded down by 0.06% at 102.90.
Crude Oil
WTI crude prices are trading at $79.97 up by 0.53%, while Brent crude prices are trading at $82.28 up by 0.44%, on Wednesday morning.
Asian Markets
Shares in the Asia-Pacific region are trading in positive territory on Wednesday morning. The Asia Dow is trading up by 1.07%, where as the Japan’s Nikkei 225 is trading in red, down by 0.06%, Hong Kong’s Hang Seng index is ended higher by 3.05% and the benchmark Chinese index Shanghai Composite is ended down by 0.41%.
FII, DII Data
Foreign institutional investors (FII) mopped shares worth net Rs 73.1 crore, while domestic institutional investors (DII) bought shares worth net Rs 2,358.2 crore on March 12, 2024, according to the provisional data available on the NSE.
F&O Ban
The NSE has added Aditya Birla Fashion, Hindustan Copper, Manappuram Finance, Mahanagar Gas, National Aluminium, Piramal Enterprise, Sail, Tata Chemical, and Zee Entertainment Enterprise in F&O on March 13, 2024.
Technical View
Commenting on the Technical outlook of Nifty Kunal Shah, Senior Technical & Derivative Analyst, LKP Securities, said The Nifty index experienced a volatile trading session with an ongoing battle between the bulls and bears. The formation of a doji candle suggests indecisiveness at current levels, and a breakout on either side could lead to trending moves. The immediate resistance for Nifty is at 22500, and a break above this on a closing basis would signal a resumption of the upward movement. Conversely, the immediate support is positioned at 22200-22150, and sustaining above this level could witness some recovery in the index.
Bank Nifty Outlook
“The Bank Nifty index experienced extreme volatility but managed to hold the support of the 20DMA at the 46800 mark. A strong resistance is observed at the 47800 level, and a breakout above this point would pave the way for all-time high levels. The index maintains a “buy on dip” stance as long as the mentioned support levels are held,” said Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities.
