GIFT Nifty indicated that Indian equity indices BSE Sensex and NSE Nifty 50 might see a lower opening on Wednesday. Here is all you need to know before the market opens.
GIFT Nifty was down 14.50 points, or 0.06%, at 24,916 indicating a lower start for the domestic indices NSE Nifty 50 and BSE Sensex on Wednesday. Previously, on Tuesday, the NSE Nifty 50 closed 21 points or 0.09% higher to settle at 24,857, while the BSE Sensex rose 100 points or 0.12% to finish at 81,455.
Key things to know before share market opens on July 31, 2024
Wall Street
US markets ended majorly on a lower note as tech stocks saw a sell-off ahead of quarterly earnings on Wednesday. The broader market index, the S&P 500, lost 0.5% to close at 5,436. Similarly, the tech-heavy Nasdaq Composite slumped 1.28% to settle at 17,147. Meanwhile, the Dow Jones Industrial Average rose 203.40 points, or 0.5%, to end at 40,743.
US Dollar
The US Dollar Index (DXY), which measures the dollar’s value against a basket of six foreign currencies, was trading down 0.08% at 104.38 on Wednesday morning.
Crude Oil
WTI crude prices were trading at $75.33 up by 0.80%, while Brent crude prices were trading at $78.59 down by 0.05%, on Wednesday morning.
Asian Markets
On Wednesday morning, Asian markets were trading on a mixed note as investors awaited the rate decision by the Bank of Japan. Japan’s Nikkei 225 fell 0.83% to 38,208. The Korean index Kospi was up 0.38% at 2,749. However, the Asia Dow was trading 0.068% lower at 3,550.08. The benchmark Chinese index Shanghai Composite was trading down 0.01% at 2,879.
FII, DII Data
Foreign institutional investors (FII) sold shares net worth Rs 5,598.64 crore. However, domestic institutional investors (DII) bought shares net worth Rs 5,565.10 crore on July 30, 2024, according to the provisional data available on the NSE.
Expert’s View
“On the daily chart, we can observe that the Nifty consolidated in the range of the previous trading session. The upmove was not sustained as there is no support from the momentum indicator as it is having a negative crossover. Thus, there can be more consolidation from a short-term perspective. This is a brief pause in the overall uptrend. Dips towards 24750 – 24700 should be used as a buying opportunity. The short-term target is placed at 25350 – 25530,” said Jatin Gedia, Technical Research Analyst at Sharekhan by BNP Paribas.
Bank Nifty Outlook
According to Jaitn Gedia of Sharekhan on the upside, 52000 is acting as a stiff resistance and rallies towards that level are being sold into. On the downside, 51300 – 51200 where support in the form of 40 day average is placed is providing strong buying interest. “Thus, we expect the Bank Nifty to consolidate in this range and considering the monthly expiry for Bank Nifty is slated for the next trading session we can expect the range to hold on for the expiry,” said Gedia.
