GIFT Nifty indicated that Indian equity indices BSE Sensex and NSE Nifty 50 may see a positive opening on Tuesday. Here is all you need to know before the market opens.
GIFT Nifty traded up 92.50 points or 0.42% at 22,183.50 indicating a positive opening for domestic indices NSE Nifty 50 and BSE Sensex on Tuesday. Previously, on Monday, the NSE Nifty 50 lost 90.65 points or 0.41% to settle at 22,122.05, while the BSE Sensex closed 352.67 points or 0.48% higher at 72,790.13.
Key things to know before share market opens on February 27, 2024
Wall Street
The equity indices in the US closed in the red. The Dow Jones Industrial Average lost 62.30 points, or 0.16% to 39,069.23. The tech-heavy Nasdaq Composite declined 0.13% to 15,976.25. While the S&P 500 fell 0.38% to settle at 5,069.53.
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 103.80.
Crude Oil
WTI crude prices are trading at $77.71 up by 0.13%, while Brent crude prices are trading at $82.64 down by 0.14%, on Tuesday morning.
Asian Markets
Asian equity indices majorly closed in the green. Japan’s Nikkei 225 was up 0.36% at 39,376.91. Similarly, the Asia Dow was up by 0.18%. Hong Kong’s Hang Seng index was down 0.54% at 16,634.74. The benchmark Chinese index Shanghai Composite closed 0.93% lower at 2,977.02.
FII, DII Data
Foreign institutional investors (FII) sold shares net worth Rs 285.15 crore. While, domestic institutional investors (DII) sold shares net worth Rs 5.33 crore on February 26, 2024, according to the provisional data available on the NSE.
F&O Ban
Aditya Birla Fashion, Balrampur Chini Mills, Canara Bank, SAIL, and Zee Entertainment Enterprise were on the ban list on February 27.
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 weak note and drifted lower on Monday. It closed in the red down – 90 points.
“On the daily charts, we can observe that the Nifty has been in consolidation mode for since last four trading sessions. it is broadly trading in the range 21800 – 22300. The consolidation can continue until it decisively breaks out of the range. The Bollinger bands on the hourly time frame chart is contracting indicating that there could be further range-bound action going ahead. The daily and hourly momentum indicator is providing divergent signals which can lead to a range-bound move over the next few trading sessions. The hourly moving averages placed in the range 22130 – 22100 shall act as immediate crucial support while 22275 – 22300 shall act as an immediate hurdle zone from a short-term perspective,” said Gedia.
Bank Nifty Outlook
As far as the bank Nifty is concerned, it has been range-bound between 46400 – 47400. The range-bound action is likely to continue in the absence of a decisive move in the key heavyweights of the index, said Jatin Gedia, technical research analyst at Sharekhan by BNP Paribas.
