GIFT Nifty indicated a positive start for domestic indices BSE Sensex and NSE Nifty 50. Here’s a look at the things to know ahead of the opening bell on Monday.
GIFT Nifty traded up 83 points or 0.14% at 21,423, indicating a positive opening for domestic indices NSE Nifty 50 and BSE Sensex on Friday. Previously, on Thursday, the NSE Nifty 50 jumped 256.35 points or 1.23% to settle at 21,182.70, while the BSE Sensex soared 926.60 points or 1.34% to 70,514.20.
“Markets resumed uptrend after a breather and gained over a percent, tracking favorable global cues. Firm US markets triggered a gap-up start in Nifty, which further strengthened as the session progressed. Eventually, it settled closer to the day’s high at 21,182.70 levels. All key sectors participated in the rally wherein IT, banking and realty were among the top gainers. The broader indices also edged higher and gained in the range of 0.9%-1.3%,” said Ajit Mishra, SVP – Technical Research, Religare Broking Ltd
Mishra also added that, Firm US indices may continue to rub off on our markets and we are now eyeing 21,500 in Nifty. We reiterate our preference for banking & IT majors and suggest staying selective in others. Though the midcap and smallcap pack is also aligned with the move, traders should maintain extra caution in stock selection citing the overbought conditions.
Key things to know before share market opens on December 15, 2023
Wall Street:
The Dow Jones industrial average hit its first record closing high since January 2022 and the S&P 500 and Nasdaq rallied on Thursday after the Federal Reserve signaled that its interest rate-hiking policy is at an end and that it sees lower borrowing costs in 2024, reported Reuters. The tech-heavy Nasdaq Composite gained 27.60 points or 0.19% at 14,761.56. The S&P 500 added 12.46 points or 0.26% at 4,719.55, while the Dow Jones Industrial Average ended higher by 158.11 points or 0.43% to 37,248.35.
US Dollar:
The US Dollar Index (DXY), which measures the value of the dollar against a basket of six foreign currencies, traded slightly higher by 0.08% at 102.04.
Crude Oil:
WTI crude prices are trading at $71.60 up 0.03%, while Brent crude prices are trading at $76.63 up 0.08%, on Friday morning.
Asian Markets:
Shares in the Asia-Pacific region are trading in the green on Friday morning. The Asia Dow is trading up 0.51%, Japan’s Nikkei 225 is green, up 0.96%, Hong Kong’s Hang Seng index is trading up 1.07% and the benchmark Chinese index Shanghai Composite is down by 0.33%.
FII, DII Data:
Foreign institutional investors (FII) added shares worth net Rs 3,570.1 crore, while domestic institutional investors (DII) bought shares worth net Rs 553.2 crore on December 14, 2023, according to the provisional data available on the NSE.
F&O Ban:
The NSE has added India Cements, Balrampur Chini Mills, Delta Corp, Indiabulls Housing Finance, Hindustan Copper, National Aluminium Company Ltd, and ZEEL to its F&O ban list for December 14, 2023.
Technical View:
Commenting on the Technical outlook of Rupak De, Senior Technical analyst at LKP Securities, said, The index has broken out of consolidation, driven by an increase in long positions compared to short trades among participants. Sentiment remains robust as the index maintains a position comfortably above crucial moving averages. Support is situated at 21,000, where Put writers have significant position. Looking ahead, there’s a potential for the index to advance towards 21,400 and beyond on the higher side.
Bank Nifty Outlook:
“The Bank Nifty bulls maintained their momentum, successfully surpassing the key resistance level of 47500 with significant trading volumes. The overall market sentiment remains bullish, and any temporary declines are considered buying opportunities, with a strong support level identified at 47000. The ongoing momentum is expected to be driven by active participation from both private and PSU banks, propelling the Bank Nifty index towards the 50000 mark” said Kunal Shah, Senior Technical & Derivative analyst at LKP Securities