GIFT Nifty indicated that Indian equity indices BSE Sensex and NSE Nifty 50 may see a positive opening on Friday. Here is all you need to know before the market opens.
GIFT Nifty trading up 165 points or 0.76% at 21,902.50 indicating a positive opening for domestic indices NSE Nifty 50 and BSE Sensex on Friday. Previously, on Thursday, the NSE Nifty 50 lost 28.25 points or 0.13% to settle at 21,697.45, while the BSE Sensex closed 106.81 points or 0.15% lower at 71,645.30.
Key things to know before share market opens on February 02, 2024
Wall Street
The three major US benchmark indices closed in green. The 30-stock Dow Industrial Average closed 369.54 points, or 0.97% lower at 38,519.84. The S&P 500 gained 1.25% to 4,906.19. The tech-heavy Nasdaq Composite jumped 1.3% at 15,361.64.
US Dollar
The US Dollar Index (DXY), which measures the dollar’s value against a basket of six foreign currencies, traded flat, 0.01% at 103.04.
Crude Oil
WTI crude prices are trading at $74.24 up by 0.54%, while Brent crude prices are trading at $79.36 up by 0.85%, on Friday morning.
Asian Markets
Shares in the Asia-Pacific region were trading in positive territory. The Asia Dow was trading up by 0.36%. Japan’s Nikkei 225 was trading up by 1.01% and Hong Kong’s Hang Seng index was trading higher by 1.61%. The benchmark Chinese index Shanghai Composite was trading higher by 0.05% during the early trade hours.
FII, DII Data
Foreign institutional investors (FII) sold shares worth net Rs 1,879.58 crore. Domestic institutional investors (DII) bought shares worth net Rs 872.49 crore on February 01, 2024, according to the provisional data available on the NSE.
Technical View
Commenting on the Technical outlook of Jatin Gedia, a technical research analyst at Sharekhan by BNP Paribas, said that the Nifty opened on a positive note and witnessed range-bound price action during the day. Despite being an event day, the range was narrow as compared to the recent trading sessions and the Nifty closed marginally in the red, down ~36 points.
“On the daily charts we can observe that the Nifty has been broadly stuck in the range of 21200 – 21900 for the last couple of weeks. The Nifty has been facing selling pressure at the 61.82% Fibonacci retracement level (21747) and has been unable to close above it on a closing basis. We believe that the range bound action is likely to continue. The daily momentum indicator has triggered a positive crossover while the hourly has a negative crossover. Moreover, prices are stuck in a range. Considering the divergent signals from price and momentum indicator, the Nifty is likely to witness range bound price action. Key support levels are 21550 – 21500 while immediate hurdle zone is placed at 21850 – 21900,” said Gedia.
Bank Nifty Outlook
“Bank Nifty witnessed continuation of the positive momentum. During the day, it was the bank Nifty which held on the crucial support zone of 45660 – 45700 where the hourly moving averages were placed and resumed its upmove. We believe that the bank nifty is likely to move higher towards 46570 – 46800 from short term perspective. The Daily momentum indicator has triggered a positive crossover which is a buy signal and is likely to provide speed to the upmove,” said Jatin Gedia, technical research analyst at Sharekhan by BNP Paribas.