GIFT Nifty indicated that Indian equity indices BSE Sensex and NSE Nifty 50 may see a positive opening on Thursday. Here is all you need to know before the market opens.
GIFT Nifty traded up 75 points or 0.33% at 22,599.50 indicating a positive opening for domestic indices NSE Nifty 50 and BSE Sensex on Thursday. Previously, on Wednesday, the NSE Nifty 50 dropped 18.65 points or 0.08% to settle at 22,434.65, while the BSE Sensex pulled back 27.09 points or 0.04% to finish at 73,876.82.
Key things to know before share market opens on April 04, 2024
Wall Street
The stocks on Wall Street ended on a mixed note. The Dow Jones Industrial Average closed 43.10 points or 0.11% lower at 39,127.14. The S&P 500 rose 0.11% to close at 5,211.49. Similarly, the Nasdaq Composite advanced 0.23% closing at 16,277.46.
US Dollar
The US Dollar Index (DXY), which measures the dollar’s value against a basket of six foreign currencies, traded lower, 0.03% at 104.20.
Crude Oil
WTI crude prices were trading at $85.62 up by 0.04%, while Brent crude prices were trading at $89.61 up by 0.06%, on Thursday morning.
Asian Markets
Asian equity market was trading on a mixed note. Japan’s Nikkei 225 was up 1.65% at 40,101.41. The benchmark Chinese index Shanghai Composite traded 0.18% lower at 3,069.30. The Asia Dow was down 0.44% to 3,337.29. Hang Seng fell 206.42 points or 1.22% at 16,725.10.
FII, DII Data
Foreign institutional investors (FII) sold shares net worth Rs 2,213.56 crore. Whereas, domestic institutional investors (DII) bought shares net worth Rs 1,102.41 crore on April 04, 2024, according to the provisional data available on the NSE.
F&O Ban
Hindustan Copper, Sail, and Zee Entertainment were in the F&O Ban list on April 04.
Technical View
The Nifty opened gap down and witnessed a recovery during the day to close off the intraday lows though marginally in the red, down 19 points.
“On the daily charts, we can observe that the Nifty has been witnessing consolidation since the past three trading sessions. The momentum setup on the daily and hourly tie frame is providing divergent signals and hence can lead to a consolidation in the near term,” said Jatin Gedia, Technical Research Analyst at Sharekhan by BNP Paribas. On the downside, the zone of 22400 – 22350 is acting as a support zone while 22500 – 22530 is the immediate hurdle zone. A breach on the range on either side shall result in a trending move
Bank Nifty Outlook
“Bank Nifty managed to close the day in the green. The zone of 47300 – 47250 acted as a crucial support zone and absorbed the selling pressure. We expect the bank nifty to continue with the up-move towards 48000 – 48160 over the next few trading sessions,” said Jatin Gedia, technical research analyst at Sharekhan by BNP Paribas.