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 41 points or 0.18% at 22,290 indicating a positive opening for domestic indices NSE Nifty 50 and BSE
“Markets took a breather on Friday and ended almost unchanged amid mixed cues. After the flat start, Nifty hovered in a narrow range till the end and finally settled at 22,212.70 levels. Meanwhile, a mixed trend on the sectoral front kept the traders occupied wherein realty and pharma edged higher while metal and IT closed in the red. The broader indices too traded dull and ended marginally higher,” said Ajit Mishra, SVP – Technical Research, Religare Broking Ltd.
Mishra also added that, Indications are in the favor of prevailing uptrend to continue thus traders should use intermediate dips to add quality stocks. Also, they should maintain a close watch on the global indices; especially the US, and the participation of the banking majors for cues on momentum.
Key things to know before share market opens on February 26, 2024
Wall Street
The U.S. stock market lost steam on Friday, with the world’s largest technology companies falling after a powerful rally driven by artificial intelligence
US Dollar
The US Dollar Index (DXY), which measures the value of the dollar against a basket of six foreign currencies, traded up by 0.03% at 103.97.
Crude Oil
WTI crude prices are trading at $76.32 down by 0.22%, while Brent crude prices are trading at $81.48 down by 0.17%, 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 0.25%, where as the Japan’s Nikkei 225 is trading in green, up by 0.39%, Hong Kong’s Hang Seng index is ended lower by 0.10% and the benchmark Chinese index Shanghai Composite is ended higher by 0.55%.
FII, DII Data
Foreign institutional investors (FII) mopped shares worth net Rs 1,276.1 crore, while domestic institutional investors (DII) bought shares worth net Rs 176.7 crore on February 23, 2023, according to the provisional data available on the NSE.
F&O Ban
The NSE has added Aditya Birla Fashion, Ashok Leyland
Technical View
Commenting on the Technical outlook of Nifty Rupak De, Senior Technical Analyst, LKP Securities, said Nifty opened higher but failed to sustain the morning momentum, leading to a closing at the day’s low due to profit booking. However, the sentiment remained positive for the short term as the index closed above the crucial resistance level of 22,200, with the next resistance seen at 22,400. Short-term support is positioned at 21,900. As long as Nifty maintains levels above 21,900, the index may continue to be considered a buy on dips.
Bank Nifty Outlook
“The Bank Nifty