Will Nifty hit a new all time high of 22,000 or dip ahead- See GIFT Nifty, FII data, F&O ban, crude, more before market opens

admin August 29, 2024 • comments off

GIFT Nifty indicated that Indian equity indices BSE Sensex and NSE Nifty 50 may see a lacklustre opening on Friday. Here are the top things to know before market opens.

GIFT Nifty traded flat slightly down by 5.50 points or 0.03% at 21,957.50, indicating a lacklustre opening for domestic indices NSE Nifty 50 and BSE Sensex on Friday. Previously, on Thursday, the NSE Nifty 50 gained 123.95 points or 0.57% to settle at 21,778.70, while the BSE Sensex ended higher by 371.95 points or 0.52% to 72,410.38.

“Markets continued to edge higher and gained nearly half a percent on the monthly expiry day. After the initial uptick, Nifty inched gradually higher and finally settled around the day’s high at 21,756 levels. Most of the sectors participated in the move wherein energy, FMCG and pharma were among the top performers. The broader indices also extended gains and rose nearly half a percent each,” said Ajit Mishra, SVP – Technical Research, Religare Broking Ltd

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Mishra also added that, The rotational buying in heavyweights across sectors is helping the index to inch higher and we expect the same trend to continue. Besides, favorable global cues are further adding to the positivity. We thus reiterate our bullish view and suggest continuing with a “buy on dips” approach.

Key things to know before share market opens on December 29, 2023

Wall Street

A banner year for stocks is drawing to a close, with gains in big tech leaving the market near all-time highs amid the artificial intelligence exuberance and dovish Federal Reserve bets, reports Bloomberg. The tech-heavy Nasdaq Composite dipped just 4.04 points or 0.03% at 15,095.14. The S&P 500 gained by just 1.77 points or 0.04% at 4,783.35, while the Dow Jones Industrial Average ended higher by 53.58 points or 0.14% to 37,710.10.

US Dollar

The US Dollar Index (DXY), which measures the value of the dollar against a basket of six foreign currencies, traded up by 0.22% at 101.21.

Crude Oil

WTI crude prices are trading at $71.78 down by 3.15%, while Brent crude prices are trading at $77.15 down by 3%, on Friday morning.

Asian Markets

Shares in the Asia-Pacific region are trading mostly in mixed territory on Friday morning. The Asia Dow is trading up by 1.34%, Japan’s Nikkei 225 is red, down by 0.42%, Hong Kong’s Hang Seng index is trading up by 2.52% and the benchmark Chinese index Shanghai Composite is trading higher by 1.38%.

FII, DII Data

Foreign institutional investors (FII) bought shares worth net Rs 4358.99 crore, while domestic institutional investors (DII) offloaded shares worth net Rs 136.64 crore on December 28, 2023, according to the provisional data available on the NSE.

F&O Ban

The NSE has added Hindustan Copper to its F&O ban list for December 29, 2023.

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Technical View

Commenting on the Technical outlook of Rupak De, Senior Technical Analyst at LKP Securities, said, The Nifty remained firmly in bullish territory as the index surged to a new all-time high. Strong put writing at the 21700 strike bolstered the bulls, propelling the index toward 21800. Short-term support is situated at 21700, signaling a continued bullish sentiment. A decisive move above 21800 could lead the index toward the 22000 mark.

Bank Nifty Outlook

“The Bank Nifty has surged above the recent consolidation phase on the daily timeframe, signaling growing optimism among market participants. It has maintained its position above the critical short-term moving average, affirming the positive trend. In the short term, the outlook appears positive, maintaining a bullish stance as long as it stays above 48500. Resistance is placed at 49000 on the higher end,” said Rupak De, Senior Technical Analyst at LKP Securities.

Industry disruptions