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 by 24.50 points or 0.11% at 22,514.50 indicating a positive opening for domestic indices NSE Nifty 50 and BSE Sensex on Tuesday. Previously, on Monday, the NSE Nifty 50 ended up by 27.20 points or 0.12% to settle at 22,405.60, while the BSE Sensex gained 66.14 points or 0.09% to 73,872.29.
“Markets started the week on a muted note and ended almost unchanged, taking a breather after the recent surge. After the flat start, Nifty hovered in a narrow range till the end and finally closed at 22,405.60 levels. Meanwhile, a mixed trend on the sectoral front kept the traders occupied wherein energy, pharma and banking edged higher while IT, FMCG and auto closed in the red. The broader indices extended underperformance as the smallcap index lost nearly half a percent,” said Ajit Mishra, SVP – Technical Research, Religare Broking Ltd.
Mishra also added that, It is a healthy pause after the recent surge and participants should continue with a “buy on dips” approach. We reiterate our view to focus on banking for momentum while others would continue to play a supporting role on a rotational basis.
Key things to know before share market opens on March 5, 2024
Wall Street
The relentless rally in U.S. stocks took a breather on Monday, with traders awaiting this week’s batch of job data and remarks from Federal Reserve officials for clues on the interest-rate outlook, 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 0.02% at 103.85.
Crude Oil
WTI crude prices are trading at $78.63 down by 0.14%, while Brent crude prices are trading at $82.70 lower by 0.12%, on Tuesday morning.
Asian Markets
Shares in the Asia-Pacific region are trading in mixed territory on Tuesday morning. The Asia Dow is trading up by 0.11%, where as the Japan’s Nikkei 225 is trading in red, down by 0.37%, Hong Kong’s Hang Seng index is ended higher by just 0.04% and the benchmark Chinese index Shanghai Composite is ended up by 0.41%.
FII, DII Data
Foreign institutional investors (FII) offloaded shares worth net Rs 564.1 crore, while domestic institutional investors (DII) bought shares worth net Rs 3,542.8 crore on March 4, 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 5, 2024.
Technical View
Commenting on the Technical outlook of Nifty Kunal Shah, Senior Technical & Derivative Analyst, LKP Securities, said The Nifty commenced the week with a consolidated move, resulting in the formation of a Doji candle on the daily chart. Despite this, the overall sentiment remains bullish. A decisive break above 22,440 is anticipated to intensify the momentum, targeting 22,700 on the upside. On the downside, support is established at 22,200, presenting buying opportunities on any pullbacks towards this level.
Bank Nifty Outlook
“The Bank Nifty index demonstrated resilience by maintaining strength and holding above the crucial support level of 47,000, where substantial open interest is concentrated on the put side. The index remains in a buy mode, with a potential to surpass its all-time high levels in the near term. Immediate resistance is positioned at 47,500, and a breakthrough above this level is anticipated to accelerate the momentum towards new lifetime highs,” said Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities.
