GIFT Nifty indicated that Indian equity indices BSE Sensex and NSE Nifty 50 may see a lacklustre opening on Friday. Here is all you need to know before the market opens.
GIFT Nifty traded up by 25 points or 0.11% at 22,680 indicating a lacklustre opening for domestic indices NSE Nifty 50 and BSE Sensex on Friday. Previously, on Thursday, the NSE Nifty 50 ended up by 167.95 points or 0.75% to settle at 22,570.35 while the BSE gained 486.50 points or 0.66% to 74,339.44.
“Markets resumed up move on the monthly expiry day and gained nearly a percent. The first half was volatile as Nifty swung on both sides but a steady surge in the select heavyweights in the latter half completely changed the tone. Eventually, it settled closer to the day’s high at 22,570 level. Most sectors contributed to the move wherein pharma, auto and energy were among the top gainers. The broader indices also edged higher and gained in the range of 0.5%-0.8%,” said Ajit Mishra, SVP – Technical Research, Religare Broking Ltd.
Mishra also added that, The move has paved the way for a new high in Nifty soon, with strong support at 22,300 level now. However, we have been seeing selective participation so traders should focus more on identifying stocks and continue with a “buy on dips” approach.
Key things to know before share market opens on April 26, 2024
Wall Street
Wall Street was rattled by data that showed exactly what stock traders did not want to hear: a significant slowdown in the world’s largest economy and persistent inflation pressures, Bloomberg reported. The tech-heavy Nasdaq Composite ended down by 100.99 points or 0.64% at 15,611.76. The S&P 500 dipped by 23.21 points or 0.46% at 5,048.42, while the Dow Jones Industrial Average ended lower by 375.12 points or 0.98% at 38,085.80.
US Dollar
The US Dollar Index (DXY), which measures the value of the dollar against a basket of six foreign currencies, traded up by 0.01% at 105.61.
Crude Oil
WTI crude prices are trading at $83.92 up by 0.19%, while Brent crude prices are trading at $89.33 up by 0.25%, on Friday morning.
Asian Markets
Shares in the Asia-Pacific region are trading in mixed territory on Friday morning. The Asia Dow is trading down by 1.60%, where as the Japan’s Nikkei 225 is trading in red, down by 0.07%, Hong Kong’s Hang Seng index is ended higher by 0.48% and the benchmark Chinese index Shanghai Composite is ended up by 0.27%.
FII, DII Data
Foreign institutional investors (FII) offloaded shares worth net Rs 2,823.33 crore, while domestic institutional investors (DII) bought shares worth net Rs 6,167.56 crore on April 25, 2024, according to the provisional data available on the NSE.
F&O Ban
The NSE has added Vodafone Idea in F&O on April 26, 2024.
Technical View
Commenting on the Technical outlook of Nifty Rupak De, Senior Technical Analyst, LKP Securities, said The Bulls finally had their day as the Nifty ended with a significant green candle following a series of small candles, suggesting meaningful buying activity during the day. Moreover, the index continues to stay above the 21-day Exponential Moving Average (EMA), which is a critical near-term moving average. Additionally, the momentum indicator RSI is showing a bullish crossover, indicating positive momentum in the index value. Over the short term, the index might remain strong with an upside potential ranging between 22750-22800. On the lower end, support is placed at 22450.
Bank Nifty Outlook
“In today’s trading session, the BankNifty index exhibited significant bullish strength as it surpassed the immediate hurdle of 48300. This momentum reflects a strong comeback by the bulls. The index remains in a buy mode, with robust support noted at 48000, where the highest open interest is observed on the put side. Additionally, during today’s session, the index found strong support at its 20DMA, leading to a notable reversal, indicating potential further upside towards the 49000/50000 mark,” said Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities.
