GIFT Nifty indicated that Indian equity indices BSE Sensex and NSE Nifty 50 may see a positive opening on Tuesday. Here is all you need to know before the market opens.
GIFT Nifty trading up 64.50 points or 0.30% at 21,757.00 indicating a positive opening for domestic indices NSE Nifty 50 and BSE Sensex on Tuesday. Previously, on Monday, the NSE Nifty 50 lost 166.45 points or 0.76% to settle at 21,616.05, while the BSE Sensex closed 523.00 points or 0.73% higher at 71,072.49.
Key things to know before share market opens on February 13, 2024
Wall Street
The three major US benchmark indices closed on a mixed note. The 30-stock Dow Industrial Average closed 125.69 points, or 0.33% higher at 38,797.38. The S&P 500 lost 0.09% to 5,021.84. The tech-heavy Nasdaq Composite slipped 0.3% at 15,942.55.
US Dollar
The US Dollar Index (DXY), which measures the dollar’s value against a basket of six foreign currencies, traded lower, 0.01% at 104.15.
Crude Oil
WTI crude prices are trading at $76.95 up by 0.04%, while Brent crude prices are trading at $81.97 down by 0.04%, on Tuesday morning.
Asian Markets
Most of the shares in the Asia-Pacific region were not trading on Monday. The Asia Dow was trading up by 0.97%. Japan’s Nikkei 225 was closed on holiday. Similarly, Hong Kong’s Hang Seng index was also closed. The benchmark Chinese index Shanghai Composite to remain shut for the week.
FII, DII Data
Foreign institutional investors (FII) bought shares worth net Rs 126.60 crore. While, domestic institutional investors (DII) bought shares worth net Rs 1,711.75 crore on February 12, 2024, according to the provisional data available on the NSE.
Technical View
Commenting on the technical outlook Jatin Gedia, a technical research analyst at Sharekhan by BNP Paribas, said that on the daily charts, observations are that the Nifty has closed below the 20-day moving average (21684) which is a sign of weakness. The daily momentum indicator has triggered a negative crossover which is a sell signal. Thus, both price and momentum indicators suggest weakness. The broader market witnessed a deep cut even today. The midcap index was down 2.57% and the Smallcap Index cracked 4% today. The crucial support zone for the Midcap index is placed at 46960 – 46550 and that for the Smallcap Index is placed at 15440 – 15400.
Bank Nifty Outlook
Bank Nifty also witnessed a correction on Monday however as the day ended it witnessed a pullback and closed around 44900 where the 200-day moving average was placed. The bank Nifty might not witness a further weakness as it has reached long-term support. Crucial support is placed at 44500 – 45400 while resistance is placed at 45750 – 45800, said Jatin Gedia, technical research analyst at Sharekhan by BNP Paribas.