Will Nifty hit new highs above 21000- See GIFT Nifty, FII data, F&O ban, crude, more before market opens

Will Nifty hit new highs above 21000? See GIFT Nifty, FII data, F&O ban, crude, more before market opens

GIFT Nifty indicated a positive start for domestic indices BSE Sensex and NSE Nifty 50. Here’s a look at the things to know ahead of the opening bell on Thursday.

GIFT Nifty traded up 235 points or 1.12% at 21,260, indicating a positive opening for domestic indices NSE Nifty 50 and BSE Sensex on Thursday. Previously, on Wednesday, the NSE Nifty 50 jumped 19.95 points or 0.10% to settle at 20,926.35, while the BSE Sensex gained 33.57 points or 0.05% to 69,584.60.

Mishra also said that, Indications are in favor of further consolidation in the index but the bias would remain on the positive side. Participants should maintain their focus on stock selection and overnight risk management. We feel the performance of the US markets would play a critical role in setting the next leg of the directional move so keep a close eye on them for cues

Key things to know before share market opens on December 14, 2023Wall Street

US stocks closed at fresh highs of the year on Wednesday, after Fed signals three rate cuts in 2024. The tech-heavy Nasdaq Composite advanced 168.17 points or 1.16% to 14,701.57 and the S&P 500 added 55.99 points or 1.21% to 4,699.69. The Dow Jones Industrial Average rose 447.43 points or 1.22% to 37,025.37.

US Dollar

The US Dollar Index (DXY), which measures the value of the dollar against a basket of six foreign currencies, traded down 0.09% at 102.78.

Crude Oil

WTI crude prices are trading at $69.92 up 0.65%, while Brent crude prices are trading at $74.62 up 0.48%, on Thursday morning.

Asian Markets

Shares in the Asia-Pacific region are trading in the negative territorry on Thursday morning. The Asia Dow is trading up 0.47%, Japan’s Nikkei 225 is red, down 0.59%, Hong Kong’s Hang Seng index is trading down 0.89% and the benchmark Chinese index Shanghai Composite is tradin down by 1.15%.

FII, DII Data

Foreign institutional investors (FII) buyed shares worth net Rs 4710.86 crore, while domestic institutional investors (DII) offloaded shares worth net Rs 958.49 crore on December 13, 2023, according to the provisional data available on the NSE.

F&O Ban

The NSE has added India Cements, Balrampur Chini Mills, Delta Corp, Indiabulls Housing Finance, Hindustan Copper, National Aluminium Company Ltd, SAIL, and ZEEL to its F&O ban list for December 13, 2023.

Technical View

Commenting on the Technical outlook of Kunal Shah, Senior Technical & Derivative analyst at LKP Securities, said, “After a brief dip, the bulls demonstrated strength by defending the crucial support level of 20800. The index witnessed a sharp recovery from the day’s low to the high point. The overall market sentiment remains bullish, and considering the current levels, traders are advised to initiate fresh long positions. A stop-loss can be set at 20800, targeting potential upside levels of 21400/21500 in the near term.”

Bank Nifty Outlook

“Despite initial concerns, the Bank Nifty index displayed strength by not breaching the crucial support of 46800 and instead witnessed a sharp rebound from lower levels. To sustain and further advance the upward momentum, the index needs to maintain levels above 47200. A decisive close above 47500, where call writers are active, could pave the way for additional gains, targeting levels of 48000/48500 in the upcoming,” said Kunal Shah, Senior Technical & Derivative analyst at LKP Securities