GIFT Nifty indicated that Indian equity indices BSE Sensex and NSE Nifty 50 may see a weak opening on Friday. Here is all you need to know before the market opens.
GIFT Nifty traded down 134 points or 0.60% at 22,129.00 indicating a negative opening for domestic indices NSE Nifty 50 and BSE Sensex on Friday. Previously, on Thursday, the NSE Nifty 50 gained around 149 points or 0.68% to settle at 22,146.65, while the BSE Sensex closed 335.39 points or 0.46% higher at 73,097.28.
Key things to know before share market opens on March 15, 2024
Wall Street
The equity indices in the US closed on a negative note after inflation data came hotter than expected. The Dow Jones Industrial Average fell 137.66 points or 0.35% to 38,905.66. The tech-heavy Nasdaq Composite pulled back 0.30% to close at 16,129. While the S&P 500 slid 0.29% to settle at 5,150.48.
US Dollar
The US Dollar Index (DXY), which measures the dollar’s value against a basket of six foreign currencies, traded higher, 0.08% at 103.44.
Crude Oil
WTI crude prices were trading at $81.25 up by 0.01%, while Brent crude prices were trading at $85.36 down by 0.06%, on Friday morning.
Asian Markets
Asian equity indices closed on a negative note. Japan’s Nikkei 225 was down 0.53% at 38,602.35. Further, Hong Kong’s Hang Seng index was down 0.71% at 16,961.66. The benchmark Chinese index Shanghai Composite closed 0.18% lower at 3,038.23. However, the Asia Dow was up 0.04% to 3,272.49.
FII, DII Data
Foreign institutional investors (FII) sold shares net worth Rs 1,356.29 crore. Whereas, domestic institutional investors (DII) bought shares net worth Rs 139.47 crore on March 14, 2024, according to the provisional data available on the NSE.
F&O Ban
Aditya Birla Fashion, Bharat Heavy Electricals, Manappuram Finance, National Aluminium, Piramal Enterprise, RBL Bank, Sail, Tata Chemical, and Zee Entertainment Enterprise were in the F&O ban list on March 15.
Technical View
Commenting on the technical outlook Jatin Gedia, a technical research analyst at Sharekhan by BNP Paribas, said that on March 14 the Nifty opened on a weak note, however, recovered and closed the day with gains.
“On the daily charts, we can observe that the Nifty has held on to the support zone of 21900 – 21860 where support parameters in the form of the 40-day average and the previous swing low is placed. On the upside, the key hourly averages placed in the zone of 22200 – 22240 acted as a resistance and restricted further upside. In the current bounce back if the Nifty manages to overlap with the level of 22256 then the current fall shall turn out to be a corrective fall. Thus, it’s crucial how the structure pans out over the next few trading sessions,” said Gedia.
Bank Nifty Outlook
Bank Nifty held on to the 40-day average (46700) and the 61.82% Fibonacci retracement level (46616) and managed to close above that. “We believe that the selling pressure is being absorbed and we expect a recovery over the next few trading sessions in the case of Bank Nifty as well. In terms of levels, 46600 – 46500 is the crucial support while 47200- 47300 is the immediate hurdle,” said Jatin Gedia, technical research analyst at Sharekhan by BNP Paribas.
