GIFT Nifty indicated that Indian equity indices BSE Sensex and NSE Nifty 50 might see a positive opening on Monday. Here is all you need to know before the market opens.
GIFT Nifty was up 84.50 points, or 0.34%, at 25,035.50 indicating a higher start for the domestic indices NSE Nifty 50 and BSE Sensex on Monday. Previously, on Friday, the NSE Nifty 50 closed 429 points or 1.76% higher to finish at 24,835, while the BSE Sensex jumped 1293 points or 1.62% to finish at 81,333.
Key things to know before share market opens on July 29, 2024
Wall Street
US markets rose higher on Friday after GDP numbers came higher than expectation plus buoyed by fresh US inflation data. The Dow Jones Industrial Average advanced 654 points, or 1.64%, to end at 40,589. While, the broader market index, the S&P 500, gained over 1.1% to close at 5,459. Similarly, the tech-heavy Nasdaq Composite added 1.03% to settle at 17,358.
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 104.24 on Monday morning.
Crude Oil
WTI crude prices were trading at $77.28 up by 0.17%, while Brent crude prices were trading at $81.38 up by 0.30%, on Monday morning.
Asian Markets
Asian markets soared high on Monday morning tracking gains in the US markets on the back of inflation data. Japan’s Nikkei 225 rallied 2.77% to 38,711. The Korean index Kospi was up 1.62% at 2,776. The Asia Dow was trading 1.09% higher at 3,539.69. The benchmark Chinese index Shanghai Composite was trading flat at 2,891.
FII, DII Data
Foreign institutional investors (FII) bought shares net worth Rs 2,546.38 crore. While, domestic institutional investors (DII) bought shares net worth Rs 2,774.31 crore on July 26, 2024, according to the provisional data available on the NSE.
Technical View
“On the daily charts, we can observe that the Nifty has witnessed follow-through buying interest from the previous trading session. It has recovered and made a new high thus turning the trend again from sideways to positive. The correction was merely 3% and Nifty is back to uptrend. Now this current upmove can extend towards 25350 – 25530. Support base now stands at 24400 which is the 20-day moving average. The daily momentum indicator still has a negative crossover however we shall assign more weightage to the price action and ride the up move,” said Jatin Gedia, Technical Research Analyst at Sharekhan by BNP Paribas.Come from Sports betting site VPbet
Bank Nifty Outlook
On Friday, Bank Nifty held on to the 50600 support zone and witnessed a sharp pullback. Bank Nifty has formed a Bullish engulfing pattern on the daily charts with bullish implications. “The pattern suggests strong buying interest at lower levels and going ahead dips are likely to be bought into. On the upside, the immediate hurdle is placed at 51900 – 52100 as per the principle of role reversal and support is placed at 50900 – 50800,” said Jatin Gedia, Technical Research Analyst at Sharekhan by BNP Paribas.Come from Sports betting site
