GIFT Nifty indicated that Indian equity indices BSE Sensex and NSE Nifty 50 may see a positive opening on Wednesday. Here is all you need to know before the market opens.
GIFT Nifty traded up by 58 points or 0.26% at 22,372 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 113.80 or 0.51% to settle at 22,217.85 while the BSE jumped 328.47 points or 0.45% to 73,104.61.
“The market continued its rebound, extending Monday’s gains by over half a percent. Throughout the day, the Nifty gradually climbed higher, settling at 22,222.5 level. Sector-wise, there was a mixed trend, with metal and auto sectors showing strong gains while defensive sectors like FMCG and pharma saw profit-taking. The broader indices performed well, gaining between 1% to 2%,” said Ajit Mishra – SVP, Research, Religare Broking.
Mishra also added that, The Nifty is now approaching the hurdle zone around 22,300 after two days of rebound, which might lead to a pause or a resumption of a corrective phase. However, a decrease in volatility could limit the decline. The mixed sectoral trend presents opportunities for traders on both sides of the market, so it’s important for them to plan their positions accordingly.
Key things to know before share market opens on May 15, 2024
Wall Street
MSCI’s gauge of stocks across the globe was set for a record high close on Tuesday, while the U.S. dollar edged lower as investors digested U.S. producer prices data and comments from Federal Reserve Chair Jerome Powell, Reuters reported. The tech-heavy Nasdaq Composite ended up by 122.94 points or 0.75% at 16,511.18. The S&P 500 ends up by 25.26 points or 0.48% at 5,246.68, while the Dow Jones Industrial Average ended higher by 126.60 points or 0.32% at 39,558.11.
US Dollar
The US Dollar Index (DXY), which measures the value of the dollar against a basket of six foreign currencies, traded down by 0.16% at 105.03.
Crude Oil
WTI crude prices are trading at $78.44 up by 0.54%, while Brent crude prices are trading at $82.74 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 1.11%, where as the Japan’s Nikkei 225 is trading in green, up by 1.01%, Hong Kong’s Hang Seng index is ended lower by 0.22% and the benchmark Chinese index Shanghai Composite is ended down by 0.07%.
FII, DII Data
Foreign institutional investors (FII) offloaded shares worth net Rs 4,065.52 crore, while domestic institutional investors (DII) mopped shares worth net Rs 3527.86 crore on May 14, 2024, according to the provisional data available on the NSE.
F&O Ban
The NSE has added Balrampur Chini Mills, Birlasoft, Canara Bank, GMR Infra, Hindustan Copper, Vodafone Idea, Piramal Enterprises, Sail, and Zee Entertainment Enterprise in F&O on May 15, 2024.
Technical View
Commenting on the Technical outlook of Nifty Rupak De, Senior Technical Analyst, LKP Securities, said The bulls propelled the index higher following a positive trading session. However, the index closed just below the lower band of the rising channel. The Nifty managed to close above the crucial level of 22,200; nonetheless, it needs to return within the channel to sustain momentum in the upcoming days. In the near term, a decisive move above 22,250 could propel the index towards the higher level of 22,600 in the short term. Conversely, a failure to maintain levels above 22,200 might trigger selling pressure in the market.
Bank Nifty Outlook
“The Bank Nifty witnessed a consolidated move throughout the session but failed to close above the resistance of 48000. To sustain the upward momentum, the index needs to decisively surpass this mark, targeting the 48500 level. On the downside, support is situated at the 47500-47400 zone, presenting an ideal opportunity to initiate long positions in case of a dip towards this level.,” said Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities.