GIFT Nifty indicated that Indian equity indices BSE Sensex and NSE Nifty 50 may see a lacklustre opening on Thursday. Here is all you need to know before the market opens.
GIFT Nifty traded down by just 5.50 points or 0.02% at 22,382.50 indicating a lacklustre opening for domestic indices NSE Nifty 50 and BSE Sensex on Thursday. Previously, on Wednesday, the NSE Nifty 50 ended unchanged or 0.00 points or 0.00% to settle at 22,302.50 while the BSE dropped 45.46 points or 0.06% to 73,466.39.
“Market volatility persisted, ultimately resulting in marginal changes as they paused following a recent decline. During this time, traders were engaged in navigating a mixed landscape across various sectors, with autos, energy, and metals showing moderate gains. The broader indices also experienced relief, each edging up by over half a percent,” said Ajit Mishra – SVP, Research, Religare Broking.
Will Nifty trade above 24,800, or will it experience profit booking? See GIFT Nifty, FII data, F&O ban, crude, more before market opens Will Nifty trade above 24,800 ahead of weekly expiry? See GIFT Nifty, FII data, F&O ban, crude, more before market opens Will Nifty scale up to 24,500 or see profit booking from higher levels? See GIFT Nifty, FII data, F&O ban, crude, more before market opens Will Nifty hold 23,800 levels ahead of weekly expiry, or decline further? See GIFT Nifty, FII data, F&O ban, crude, more before market opens
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Mishra also added that, With support hovering around the 22,150 mark in the Nifty and global markets maintaining stability, there’s a possibility of some consolidation. Nonetheless, the prevailing sentiment is likely to remain pessimistic until the Nifty convincingly surpasses the 22,500 threshold. Traders are advised to exercise caution and maintain hedged positions.
Key things to know before share market opens on May 9, 2024
Wall Street
Wall Street’s enthusiasm for stocks faded after a four-day advance that drove the market to its longest winning run since March, Bloomberg reported. The tech-heavy Nasdaq Composite ended down by 29.80 points or 0.18% at 16,302.76. The S&P 500 ended marginally down by just 0.03 points or 0.00% at 5,187.67, while the Dow Jones Industrial Average ended higher by 172.13 points or 0.44% at 39,056.39.
US Dollar
The US Dollar Index (DXY), which measures the value of the dollar against a basket of six foreign currencies, traded up by 0.03% at 105.55.
Crude Oil
WTI crude prices are trading at $79.29 up by 0.37%, while Brent crude prices are trading at $83.83 up by 0.30%, on Thursday morning.
Asian Markets
Shares in the Asia-Pacific region are trading in mixed territory on Thursday morning. The Asia Dow is trading down by 1.22%, whereas Japan’s Nikkei 225 is trading in green, up by 0.22%, Hong Kong’s Hang Seng index is ending lower by 0.90% and the benchmark Chinese index Shanghai Composite is ending down by 0.61%.
FII, DII Data
Foreign institutional investors (FII) offload shares worth net Rs 6,669.10 crore, while domestic institutional investors (DII) mopped shares worth net Rs 5,928.81 crore on May 8, 2024, according to the provisional data available on the NSE.
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Technical View
Commenting on the Technical outlook of Nifty Rupak De, Senior Technical Analyst, LKP Securities, said Nifty remained volatile throughout the day. However, the short-term trend appeared weak as the index remained below the critical moving average, 21EMA, on the daily timeframe. In the near term, the sentiment may continue to weaken as long as it stays below 22400. On the downside, the index might decline towards 22150.
Bank Nifty Outlook
“The Bank Nifty index encountered a volatile trading session during the expiry day, highlighting the ongoing struggle between bulls and bears. The next significant support level for the index is positioned at 47770, coinciding with the 50EMA. On the upside, immediate resistance lies at 48250. A decisive breach above this level could propel the index towards 48400-48500, where call writing activity is evident,” said Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities.
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