GIFT Nifty indicated that Indian equity indices BSE Sensex and NSE Nifty 50 may see a negative opening on Monday. Here is all you need to know before the market opens.
GIFT Nifty traded down 66.00 points or 0.29% at 22,638.00 indicating a negative opening for domestic indices NSE Nifty 50 and BSE Sensex on Monday. Previously, on Friday, the NSE Nifty 50 gained 19.50 points or 0.09% to settle at 22,493.55, while the BSE Sensex closed 33.40 points or 0.05% higher at 74,119.39.
Key things to know before share market opens on March 11, 2024
Wall Street
The equity indices in the US closed in negative territory. The Dow Jones Industrial Average fell 68.66 points or 0.18% to 38,722.69. The tech-heavy Nasdaq Composite pulled back 188.26 or 1.16% to close at 16,085.11. While the S&P 500 lost 0.65% to settle at 5,123.69.
US Dollar
The US Dollar Index (DXY), which measures the dollar’s value against a basket of six foreign currencies, traded marginally higher, 0.04% at 102.65.
Crude Oil
WTI crude prices were trading at $77.68 down by 0.53%, while Brent crude prices were trading at $81.58 down by 0.59%, on Monday morning.
Asian Markets
Asian equity indices closed on a mixed note. Japan’s Nikkei 225 was down 2.31% at 38,772.45. Similarly, the Asia Dow was up 0.48% to 3,254.30. Hong Kong’s Hang Seng index was up 0.76% at 16,353.39. The benchmark Chinese index Shanghai Composite closed 0.62% higher at 3,046.02.
FII, DII Data
Foreign institutional investors (FII) bought shares net worth Rs 7,304.11 crore. Similarly, domestic institutional investors (DII) bought shares net worth Rs 2,601.81 crore on March 07, 2024, according to the provisional data available on the NSE.
F&O Data
Manappuram Finance, Mahanagar Gas, Sail, Tata Chemical, and Zee Entertainment Enterprise
Technical View
Commenting on the technical outlook Jatin Gedia, a technical research analyst at Sharekhan by BNP Paribas, said that the Nifty opened on a flat note and dipped during the first half of the trading session while a strong recovery during the second half helped the Nifty to close on a strong note up ~180 points.
“On the daily charts, we can observe that the Nifty has found support in the zone 21890 – 21840 which coincides with the 50% Fibonacci retracement level (21890) and the 20-day moving average (21838). The hourly momentum indicator has triggered a fresh positive crossover and with the daily momentum indicator already having a positive crossover should provide speed to the upmove. Both price and momentum indicator is suggesting continuation of the positive price action. On the upside immediate hurdle is placed at 22460 – 22500 and on the downside today’s low (21875) shall act as a crucial support level from a short-term perspective,” said Gedia.
Bank Nifty Outlook
Bank Nifty closed in the negative on Thursday however the correction has halted at the support zone 46400 – 46500 where the hourly lower Bollinger band and the 40-hour exponential moving average were placed. “we expect the Bank Nifty also to continue with the upmove till 48000 – 48300 from short term perspective,” said Jatin Gedia, technical research analyst at Sharekhan by BNP Paribas.
