GIFT Nifty indicated that Indian equity indices BSE Sensex and NSE Nifty 50 may see a negative opening on Wednesday. Here is all you need to know before the market opens.
GIFT Nifty traded up by just 4.50 points or 0.02% at 22,435 indicating a negative opening for domestic indices NSE Nifty 50 and BSE Sensex on Wednesday. Previously, on Tuesday, the NSE Nifty 50 ended down by 49.30 points or 0.22% to settle at 22,356.30, while the BSE Sensex dropped 195.16 points or 0.26% to 73,677.13.
“Markets traded volatile amid mixed cues and ended with a modest cut. After the flat start, Nifty drifted lower in the first half however a sharp recovery in the select heavyweights; especially from the banking pack, trimmed the losses. Consequently, Nifty settled marginally lower to close at 22,356.30 level Come from Sports betting site VPbet . Meanwhile, a mixed trend on the sectoral front continued, which kept the participants busy wherein auto and energy ended in the green while IT and FMCG extended decline & lost over a percent each,” said Ajit Mishra, SVP – Technical Research, Religare Broking Ltd.
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Mishra also added that, We reiterate our bullish view on markets and suggest continuing with a “buy on dips” approach. However, excessive volatility and false breakouts across sectors would continue to pose challenges in the selection of stocks. We thus recommend keeping a check on the position size and preferring index majors and large midcap names.
Key things to know before share market opens on March 6, 2024
Wall Street
U.S. stocks came under pressure as a trio of tech heavyweights slid, with traders wading through mixed economic data in the run-up to Jerome Powell’s testimony to Congress, Bloomberg reported. The tech-heavy Nasdaq Composite ended down by 67.43 points or 0.41% at 16,207.51. The S&P 500 dropped by 6.13 points or 0.12% at 5,137.23, while the Dow Jones Industrial Average ended lower by 97.55 points or 0.25% at 38,989.83.
US Dollar
The US Dollar Index (DXY), which measures the value of the dollar against a basket of six foreign currencies, traded up by 0.01% at 103.81.
Crude Oil
WTI crude prices are trading at $78.19 up by 0.05%, while Brent crude prices are trading at $82.04 unchanged, on Wednesday morning.
Asian Markets
Shares in the Asia-Pacific region are trading in mixed territory on Wednesday morning. The Asia Dow is trading down by 0.32%, where as the Japan’s Nikkei 225 is trading in red, down by 0.03%, Hong Kong’s Hang Seng index is ended lower by 2.61% and the benchmark Chinese index Shanghai Composite is ended up by 0.28%.
FII, DII Data
Foreign institutional investors (FII) mopped shares worth net Rs 574 crore, while domestic institutional investors (DII) bought shares worth net Rs 1,835 crore on March 5, 2024, according to the provisional data available on the NSE.
F&O Ban
The NSE has added Zee Entertainment Enterprise in F&O on March 6, 2024.
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Technical View
Commenting on the Technical outlook of Nifty Rupak De, Senior Technical Analyst, LKP Securities, said Bulls and bears experienced another day of minor clashes without arriving at a definitive outcome. The sentiment remains positive, with the index staying above the short-term moving average. The momentum indicator RSI is showing a bullish crossover. For a potential rally towards 22600 and beyond, Nifty needs to decisively breach the 21400 level. On the downside, support is positioned at 22200
Bank Nifty Outlook
“The Bank Nifty bulls maintained their control, holding firm above the crucial support level of 47400. The immediate resistance for the index is positioned at 48000, and a successful breach of this level is anticipated to propel the index towards its all-time high. The overall outlook remains bullish, and any declines toward the mentioned support level are considered buying,” said Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities.
