GIFT Nifty indicated that Indian equity indices BSE Sensex and NSE Nifty 50 might see a higher opening on Friday. Here is all you need to know before the market opens.
GIFT Nifty was up 174 points, or 0.73%, at 24,320 indicating a positive start for the domestic indices NSE Nifty 50 and BSE Sensex on Friday. Previously, on Thursday, the NSE Nifty 50 closed 4.75 points or 0.02% higher to settle at 24,144, while the BSE Sensex rose 150 points or 0.19% to finish at 79,106.
Key things to know before share market opens on August 16, 2024
Wall Street
US markets closed on a higher note on Thursday as investors were relieved by the encouraging consumer and labor data, which helped to ease down recession worries. The broader market index, the S&P 500, closed 1.61% higher at 5,543.22. Similarly, the tech-heavy Nasdaq Composite advanced 2.34% to settle at 17,594.50. The Dow Jones Industrial Average added 554 points, or 1.39%, to end at 40,563.06.
US Dollar
The US Dollar Index (DXY), which measures the dollar’s value against a basket of six foreign currencies, was trading down 0.04% at 102.99 on Friday morning.
Crude Oil
WTI crude prices were trading at $78.02 down by 0.19%, while Brent crude prices were trading at $80.88 down by 0.20%, on Friday morning.
Asian Markets
Tracking the overnight US market, on Fridaymorning, Asian markets were trading higher. Japan’s Nikkei 225 jumped 3% to 37,824.34. The Korean index Kospi was up 1.77% at 2,691. However, the Asia Dow was trading 1.88% higher at 3,510.17. The benchmark Chinese index Shanghai Composite fell 0.08% to 2,874.92.
FII, DII Data
Foreign institutional investors (FII) sold shares net worth Rs 2,595.27 crore. Meanwhile, domestic institutional investors (DII) bought shares net worth Rs 2,236.21 crore on August 14, 2024, according to the provisional data available on the NSE.
F&O Ban
GNFC, NMDC, Piramal Enterprises, Aarti Industries, Aditya Birla Capital, Aditya Birla Fashion and Retail, Bandhan Bank, Biocon, Birlasoft, Chambal Fertilisers and Chemicals, Granules India, India Cements, IndiaMART InterMESH, LIC Housing Finance, Manappuram Finance, Punjab National Bank, RBL Bank, SAIL, and Sun TV Network to remain in F&O Ban today on August 16.
Expert’s View
“On the daily charts, we can observe that the Nifty has been consolidating around the 24200 – 24150 range where the 40-day average is placed. The structure is still weak and the momentum indicators also have a negative crossover is also supports our bearish stance. In case of a spike towards the key moving averages 24250 – 24300 then it should be used as a selling opportunity for targets of 23890 – 23600. On the upside, 24300 is the immediate hurdle from a short-term perspective,” said Jatin Gedia, Technical Research Analyst at Sharekhan by BNP Paribas.
Bank Nifty Outlook
“The swing low of 49650 was retested on August 14 and we are expecting the weakness to continue. The immediate support stands at 49650 – 49600 and below that, we can expect a slide towards 49000 – 48850. On the upside immediate resistance is placed at 50250 – 50300,” said Gedia.