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Will Nifty hit a new high above 22,600 or consolidate ahead- See GIFT Nifty, FII data, F&O ban, crude, more before market opens

GIFT Nifty indicated that Indian equity indices BSE Sensex and NSE Nifty 50 may see a positive opening on Monday. Here is all you need to know before the market opens.

GIFT Nifty traded up by 52.50 points or 0.23% at 22,674 indicating a positive opening for domestic indices NSE Nifty 50 and BSE Sensex on Monday. Previously, on Friday, the NSE Nifty 50 ended up by just 0.95 points to settle at 22,513.70, while the BSE gained 20.59 points or 0.03% to 74,248.22

“It turned out to be a muted session on Friday as Nifty oscillated in a narrow range and ended almost unchanged. Meanwhile, a mixed trend on the sectoral front kept the traders occupied wherein realty, FMCG and banking were among the top performers while IT and energy traded dull. Besides, the continued traction on the broader front further supported the sentiment as both midcap and smallcap gained in the range of 0.5%-0.8%,” said  Ajit Mishra, SVP – Technical Research, Religare Broking Ltd.

Will Nifty trade above 24,800, or will it experience profit booking? See GIFT Nifty, FII data, F&O ban, crude, more before market opens
Will Nifty trade above 24,800 ahead of weekly expiry? See GIFT Nifty, FII data, F&O ban, crude, more before market opens
Will Nifty scale up to 24,500, or will it face further decline? See GIFT Nifty, FII data, F&O ban, crude, more before market opens
Will Nifty scale up to 24,500 or see profit booking from higher levels? See GIFT Nifty, FII data, F&O ban, crude, more before market opens
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Mishra also added that, The recent consolidation in Nifty amid weak global cues indicates time-wise correction and traders should maintain a positive bias until the Nifty holds 22,200 level. However, stock selection is tricky in the prevailing scenario due to a mixed trend across sectors so traders should maintain extra caution on that part.  Besides, one shouldn’t go overboard and restrict positions in quality midcap and smallcap names. 

Key things to know before share market opens on April 8, 2024

Wall Street

The US stock market is ending the week on a positive note after a blowout jobs report signaled the US economy will continue to power Corporate America—even if that means the potential for still elevated interest rates, Bloomberg reported. The tech-heavy Nasdaq Composite ended up by 200.09 points or 1.25% at 16,249.17. The S&P 500 gained 59.73 points or 1.16% at 5,206.94, while the Dow Jones Industrial Average ended higher by just 314.06 points or 0.81% at 39,911.04.

US Dollar 

The US Dollar Index (DXY), which measures the value of the dollar against a basket of six foreign currencies, traded up by 0.05% at 104.41.

Crude Oil 

WTI crude prices are trading at $85.53 down by 1.57%, while Brent crude prices are trading at $89.76 down by 1.55%, on Monday morning.

Asian Markets

Shares in the Asia-Pacific region are trading in mixed territory on Monday morning. The Asia Dow is trading up by 0.26%, whereas Japan’s Nikkei 225 is trading in green, up by 1.12%, Hong Kong’s Hang Seng index slightly lower by 0.01% and the benchmark Chinese index Shanghai Composite is ended down by 0.18%.

FII, DII Data

Foreign institutional investors (FII) bought shares worth net Rs 1659.3 crore, while domestic institutional investors (DII) offloaded shares worth net Rs 3,370.4 crore on April 5, 2024, according to the provisional data available on the NSE.

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F&O Ban

The NSE has added Bandhan Bank, Hindustan Copper, Sail, and Zee Entertainment Enterprise in F&O on April 8, 2024.

Technical View

Commenting on the Technical outlook of Nifty Rupak De, Senior Technical Analyst, LKP Securities, said The index has remained sideways throughout the session, reflecting a pause in the market trend following the formation of a hanging man pattern. The sentiment may continue to remain sideways due to the lack of a directional breakout or pattern formation. At the higher end, 22650 might prove to be a crucial resistance level. A fresh rally is not anticipated as long as the index remains below 22650. On the lower end, support is evident at 22300; if breached, the index might decline towards the 22000-21900 range.

Bank Nifty Outlook

“Following the RBI policy announcement, the Bank Nifty maintained its robust momentum, remaining above the crucial level of 48,000. This suggests the potential for reaching new all-time highs next week, possibly even touching the 50,000 mark. Notably, aggressive put writing has been observed at lower strikes, establishing a supportive base in the 48,200-48,000 zone, which is anticipated to serve as a cushion for bullish sentiment,” said Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities.

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