GIFT Nifty indicated that Indian equity indices BSE Sensex and NSE Nifty 50 may see a negative opening on Tuesday. Here is all you need to know before the market opens.
GIFT Nifty was 102.50 points or 0.46% lower at 22,250.00 indicating a negative opening for domestic indices NSE Nifty 50 and BSE Sensex on Tuesday. Previously, on Monday, the NSE Nifty 50 fell 246.90 points or 1.10% to finish at 22,272.50, while the BSE Sensex slumped 845.12 points or 1.14% to finish at 73,399.78.
Key things to know before share market opens on April 16, 2024
Wall Street
The Wall Street or US market fell as yields shot up. Also, market participants are awaiting Israel’s response to Iran’s strike over the weekend. The S&P 500 was down 61.59 points or 1.20% at 5,061.82. While the Dow Jones Industrial Average finished trading down 248.13 points or 0.65% at 37,735.11. The tech-heavy index Nasdaq Composite fell 290.08 points or 1.79% to settle at 15,885.02.
US Dollar
The US Dollar Index (DXY), which measures the dollar’s value against a basket of six foreign currencies, traded higher, 0.13% at 106.31.
Crude Oil
WTI crude prices were trading at $86.09 up by 0.39%, while Brent crude prices were trading at $90.75 up by 0.37%, on Tuesday morning.
Asian Markets
Asian markets continued their fall on Tuesday as markets await Israel’s response. Also, investors are waiting for China’s Q1 GDP numbers. Japan’s Nikkei 225 was down 1.88% at 38,495.08. The benchmark Chinese index Shanghai Composite traded flat. The Asia Dow was down 2.62% to 3,289.54. Hang Seng was down 0.72% or 121.23 points at 16,600.46.
FII, DII Data
Foreign institutional investors (FII) sold shares net worth Rs 3,268.00 crore. However, domestic institutional investors (DII) bought shares net worth Rs 4,762.93 crore on April 15, 2024, according to the provisional data available on the NSE.
F&O Ban
Balrampur Chini Mills, Bandhan Bank, Exide Industries, GNFC, Hindustan Copper, India Cements, Metropolis, National Aluminium, Piramal Enterprises, SAIL, and Zee Entertainment Enterprise were on the F&O ban list on April 16.
Technical View
On Monday, Nifty opened gap down and drifted lower during the course of the day to close with a deep cut of 242 points.
“On the daily charts, we can observe that the Nifty is in the process of retracing the rise it has witnessed from 22710 – 22776. The key 50 and 61.82% Fibonacci retracement levels are placed at 22240 – 22117. The daily momentum indicator has triggered a fresh negative crossover which is a sell signal. Thus, in case of a bounce towards 22350 – 22370, it should be used as a selling opportunity. On the upside, the gap area formed today in the range 22420 – 22500 shall act as an immediate hurdle from a short-term perspective,” said Jatin Gedia – Technical Research Analyst at Sharekhan by BNP Paribas.
Bank Nifty Outlook
“Bank Nifty also witnessed correction and closed down 791 points. The next crucial Fibonacci support is placed at 47443 which also coincides with the 20-day moving average. Thus, 47400 – 47300 is the crucial support zone while 48250 – 48300 is the immediate hurdle zone from a short-term perspective. Minor degree bounce backs should be used as a selling opportunity,” said Jatin Gedia, technical research analyst at Sharekhan by BNP Paribas.
Earning Today
Crisil will be releasing its Q4 results on April 16.
