Will Nifty breach the 19850 level- See GIFT Nifty, FII data, F&O ban, crude, more before market opens

Will Nifty breach the 19850 level? See GIFT Nifty, FII data, F&O ban, crude, more before market opens

GIFT Nifty traded flat at 19, 892.5 up merely 0.02%, indicating a tepid opening for domestic indices NSE Nifty 50 and BSE Sensex on Thursday. Previously, on Wednesday, the NSE Nifty 50 advanced 28.45 points or 0.14% to settle at 19,811.85, while the BSE Sensex gained 92.47 points or 0.14% to 66,023.24.

“Markets remained range-bound and settled almost unchanged, in line with the global peers. After the flat start, the Nifty oscillated in a range and finally settled around the day’s high at 19,812.80 level. Meanwhile, a mixed trend continued on the sectoral front wherein IT, pharma and auto edged higher while metal, banking and realty ended in the red. We had a similar trend on the broader front too as midcap closed marginally in the green and smallcap index lost over a percent,” said Ajit Mishra, SVP – Technical Research, Religare Broking.

Key things to know before share market opens on November 23, 2023Wall Street

US stocks ended higher on Wednesday, led by interest rate-sensitive megacaps, while the dollar bounced back from a 2-1/2-month low as economic data suggested the labor market is not cooling as quickly as markets, or the Federal Reserve, might prefer, reported Reuters. The tech-heavy Nasdaq Composite surged 65.88 points or 0.46% to 14,265.86. The S&P 500 rose 18.43 points or 0.41% to 4,556.62 and the Dow Jones Industrial Average added 184.74 points or 0.53% to 35,273.03.

US Dollar

The US Dollar Index (DXY), which measures the value of the dollar against a basket of six foreign currencies, traded down 0.10% at 103.82.

Crude Oil

Oil prices are trading lower on Thursday morning. WTI crude prices are trading at $76.07 down 1.34% and Brent crude prices are trading at $80.78 down 1.44%. The downward trend came following an unexpected delay in a meeting of OPEC+ producers on production cuts.

Asian Markets

Shares in the Asia-Pacific region are trading on a mixed note on Thursday morning. The Asia Dow is trading down 0.03% and Hong Kong’s Hang Seng index is trading down 0.28%, Japan’s Nikkei 225 is up 0.29% and the benchmark Chinese index Shanghai Composite is up 0.03%.

FII, DII Data

Foreign institutional investors (FII) offloaded shares worth net Rs 306.56 crore, while domestic institutional investors (DII) added shares worth net Rs 721.24 crore on November 22, 2023, according to the provisional data available on the NSE.

F&O Ban

The NSE has added Hindustan Copper, Zee Entertainment, BHEL, India Cements, NMDC, RBL Bank, Manappuram Finance, MCX India and Indiabulls Housing Finance to its F&O ban list for November 23, 2023.

Technical View

Commenting on the technical outlook of the Nifty 50 Rupak De, Senior Technical analyst at LKP Securities, said, “The Nifty traded sideways for most of the session except for the last hour, during which it recovered from the day’s low. The overall sentiment remains positive as the index has held above the crucial support level of 19,500. Resistance is positioned at 19,850 on the higher end; a breakthrough could potentially propel the Nifty towards the 20,200 mark”

Bank Nifty Outlook

Bank Nifty index dropped 239.55 points or 0.55% to 43,449.60 on Wednesday. “Bank Nifty witnessed a breakdown however, it found support around the 43,300 – 43,200 where support in the form of the 200 day moving average is placed. We expect the support to hold and expect a pullback over the next few trading sessions. On the upside, we expect 43,800 – 44,000 from a short-term perspective,” said Jatin Gedia – Technical Research Analyst at Sharekhan by BNP Paribas