Will Nifty hold 21,500 levels or Hit a new high of 22,000- See GIFT Nifty, FII data, F&O ban, crude, more before market opens

Will Nifty hold 21,500 levels or Hit a new high of 22,000? 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 negative opening on Monday. Here are the top things to know before market opens.

GIFT Nifty traded down by 36 points or 0.16% at 21,812.50, indicating negative opening for domestic indices NSE Nifty 50 and BSE Sensex on Monday. Previously, on Friday, the NSE Nifty 50 dropped 47.30 points or 0.22% to settle at 21,731.40, while the BSE Sensex ended lower by 170.13 points or 0.23% to 72,240.26.

“Markets took a breather on the final trading session of the calendar year and settled with a modest cut. After the initial downtick, the Nifty oscillated in a narrow range and finally closed at 21,731.40 levels. Meanwhile, a mixed trend on the sectoral front kept the participants busy wherein auto and FMCG edged higher while energy, IT and banking witnessed some profit taking. Besides, the buoyancy on the broader front further eased the pressure,” said Ajit Mishra, SVP – Technical Research, Religare Broking Ltd

Mishra also added that, We may see further consolidation in the index and it would be healthy after the recent surge. We expect Nifty to hold the 21,300-21,500 zone in case of a dip during consolidation and reiterate our positional target of 22,150 level. Participants should stay focused on the selection of stocks and prefer index majors.

Key things to know before share market opens on January 01, 2024Wall Street

Wall Street’s final session of 2023 saw stocks taking a breather after a rally that put the market on pace for its ninth straight week of gains—the longest winning streak since 2004, reports Bloomberg. The tech-heavy Nasdaq Composite dipped 68.65 points or 0.45% at 15,026.49. The S&P 500 dropped by 11.36 points or 0.24% at 4,771.99, while the Dow Jones Industrial Average ended lower by 36.83 points or 0.10% to 37,673.27.

US Dollar

The US Dollar Index (DXY), which measures the value of the dollar against a basket of six foreign currencies, traded up by 0.10% at 101.33.

Crude Oil

WTI crude prices are trading at $71.65 down by 0.17%, while Brent crude prices are trading at $77.08 down by 0.09%, on Monday morning.

Asian Markets

Shares in the Asia-Pacific region are trading mostly in mixed territory on Monday morning. The Asia Dow is trading up by 0.38%. Asian markets, including China, Japan, Hong Kong and South Korea are also shut today.

FII, DII Data

Foreign institutional investors (FII) bought shares worth net Rs 1459.12 crore, while domestic institutional investors (DII) mopped shares worth net Rs 554.39 crore on December 28, 2023, according to the provisional data available on the NSE.

F&O Ban

The NSE has added Hindustan Copper to its F&O ban list for January 1, 2023.

Technical View

Commenting on the Technical outlook of Rupak De, Senior Technical Analyst at LKP Securities, said, Nifty remained sideways during the session, fluctuating within the range of 21650-21750. A doji pattern has formed on the daily chart, indicating indecisiveness in the market. This sentiment requires confirmation through a decisive breakout above 21750 or a breakdown below 21650. If it falls below 21650, the Nifty could potentially decline towards 21500. Conversely, if there’s sustained trading above 21750, the index might aim for 22000.

Bank Nifty Outlook

“Bank Nifty slipped lower, forming a small red-bodied candle on the daily chart. Resistance is situated at 48300 on the higher end. As long as the index stays below 48300, the trend could lean towards favoring the bears. Moreover, a decisive drop below 48000 might drive the index below 47500. Conversely, a decisive move above 48300 could propel the index towards 48800-49000 on the higher end,” said Rupak De, Senior Technical Analyst at LKP Securities.