Nifty to continue its winning streak or fall in trade- See GIFT Nifty, FII data, F&O ban, crude, more before market opens

Nifty to continue its winning streak or fall in trade? See GIFT Nifty, FII data, F&O ban, crude, more before market opens

GIFT Nifty traded up 19 points, or 0.10%, at 19,849, indicating a positive opening for domestic indices NSE Nifty 50 and BSE Sensex on Thursday. Previously on Wednesday, the NSE Nifty 50 gained 0.62% to settle at 19,811.35, while the BSE Sensex added as much as 393.69 points to 66,473.05.

“Markets edged higher and gained over half a percent, in continuation to Tuesday’s rebound. After the gap-up start, Nifty hovered in a narrow band and finally settled at 19,807 levels. Among the key sectoral indices, auto, FMCG and energy posted decent gains while profit taking in the IT pack capped the upside. The broader indices too extended their up move and gained in the range of 0.5%-0.8%, ” said Ajit Mishra, SVP – Technical Research, Religare Broking.

“The recent stability on the global front has prompted this rebound and indications are in the favor of the prevailing tone to continue. Traders should look for buying opportunities on dips but maintain focus on risk management, citing a rise in volatility due to the earnings announcements,” Ajit Mishra added.

Key things to know before share market opens on October 12, 2023Wall Street

Wall Street’s major indexes ended higher on Wednesday. The tech-heavy Nasdaq Composite gained 96.83 points, or 0.71%, to 13,659.68. The Dow Jones Industrial Average added 65.57 points, or 0.19%, to 33,804.87, while the S&P 500 rose 18.71 points, or 0.43%, to 4,376.95.

Crude Oil

WTI crude prices are trading at $83.05, down 0.54%, while Brent crude prices are trading at $85.45, down 0.43%, on Thursday morning.

Asian Market

Shares in the Asia-Pacific region are trading in the green on Thursday morning. The Asia Dow is trading up 1.36%, whereas the benchmark Chinese index, the Shanghai Composite, is up 0.59%, while Japan’s Nikkei 225 is also up 1.22%. Meanwhile, Hong Kong’s Hang Seng index is up 1.68%.

FII, DII Data

Foreign institutional investors (FII) offloaded shares worth net Rs 421.77 crore, while domestic institutional investors (DII) added shares worth net Rs 1,032.02 crore on October 11, 2023, according to the provisional data available on the NSE.

F&O Ban

The NSE has added Balrampur Chini Mills, Hindustan Copper, India Cements, Indiabulls Housing Finance, L&T Finance Holdings, Manappuram Finance, and Punjab National Bank to its F&O ban list for October 12, 2023.

Technical View

Commenting on the technical outlook of Nifty 50, Jatin Gedia – Technical Research Analyst at Sharekhan by BNP Paribas, said, “The daily momentum indicator has triggered a positive crossover and hence in case of a dip it should be used as a buying opportunity. Today’s intraday consolidation is a bullish sign as it sustained the gains, and we expect the positive momentum to continue over the next few trading sessions till 19,883 which is the 61.82% Fibonacci retracement level of the entire fall from 20,222 till 19,333. On the downside, the gap area formed today in the range 19,718 – 19,757 is likely to act as a short-term support.”

Bank Nifty Outlook

On Wednesday, the Bank Nifty index added as much as 156.75 points or 0.35% to settle at 44,516.90. “The index experienced a consolidation phase on the day of expiry, with support evident at 44,400 and resistance at 44,700 levels. The overall undertone of the index remains bullish, suggesting that a “buy on dip” approach is appropriate. If the index manages to break above the 44,700 level, it is likely to see further upside potential toward the 45,000 mark,” said Kunal Shah, Senior Technical & Derivative analyst at LKP Securities.