Will the Nifty scale past 19,850- Check GIFT Nifty, FII Data, F&O Ban, Crude, and more before market opens

Will the Nifty scale past 19,850? Check GIFT Nifty, FII Data, F&O Ban, Crude, and 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 Monday.

GIFT Nifty traded up 67 points or 0.34% at 19,809, indicating a positive opening for domestic indices NSE Nifty 50 and BSE Sensex on Tuesday. Previously, on Monday,the NSE Nifty 50 dropped 37.55 points or 0.19% to settle at 19,694.25, while the BSE Sensex dropped 139.58 points or 0.21% to 65,655.15.

“We are seeing a time-wise correction in Nifty so far despite the underperformance of the banking pack. Besides, the pause in the US markets is also capping the move. Amid all, we reiterate our bullish view on the index and suggest continuing with the “buy on dips” approach. Traders should stick with the other performing sectors and utilise this phase to gradually add quality names,” Ajit Mishra added.

Key things to know before share market opens on November 21, 2023Wall Street

The S&P 500 and the Nasdaq managed gains on Monday while the Dow Industrial Average (.DJI) also gained on the following news that Microsoft rises as ousted OpenAI CEO set to join company, reported Reuters. The tech-heavy Nasdaq Composite surged 159 points or 1.13% at 14,284.53. The S&P 500 added 40.14 points or 0.89% at 4,554.16, while the Dow Jones Industrial Average ended up by 203.76 points or 0.58% to 35,151.76.

US Dollar

The US Dollar Index (DXY), which measures the value of the dollar against a basket of six foreign currencies, traded down 0.06% at 103.38.

Crude Oil

WTI crude prices are trading at $77.77 down 0.08%, while Brent crude prices are trading at $82.03 down 0.35%, on Tuesday morning.

Asian Markets

Shares in the Asia-Pacific region are trading in the green on Tuesday morning. The Asia Dow is trading up 0.05%, Japan’s Nikkei 225 is red, down 0.30%, Hong Kong’s Hang Seng index is trading up 1.86% and the benchmark Chinese index Shanghai Composite is up by 0.46%.

FII, DII Data

Foreign institutional investors (FII) sold shares worth net Rs 645.72 crore, while domestic institutional investors (DII) buyed shares worth net Rs 77.77 crore on November 20, 2023, according to the provisional data available on the NSE.

F&O Ban

The NSE has added BHEL, Chambal Fertilisers and Chemicals, Delta Corp, Hindustan Copper, Indiabulls Housing Finance, India Cements, Manappuram Finance, MCX, NMDC, RBL Bank, and ZEEL to its F&O ban list for November 21, 2023.

Technical View

Commenting on the Technical outlook of Kunal Shah, Senior Technical & Derivative analyst at LKP Securities, said, “The Nifty index is currently trading within a broad consolidation phase, forming an inside bar candle pattern, with support observed at 19,650 and resistance at 19,800. For a decisive trending move, the index needs to break out of this range with significant volumes on either side. Despite the consolidation, the broader picture remains bullish, with major support identified in the 19,550-19,500 zone. A break above 19,850 is anticipated to open up room for the index to reach all-time high levels”

Bank Nifty Outlook

“The Bank Nifty index has formed a doji candle on the daily chart, suggesting indecisiveness at the current levels. The index encounters formidable resistance at 44,000, where the highest open interest is concentrated on the call side. A breakthrough above this level is anticipated to trigger sharp short-covering moves. Conversely, the lower-end support is positioned at 43,300, and a breach below this level could pave the way for further downside movement towards the 42,800 level. This data highlights a delicate balance in market sentiment, with potential for significant moves based on key resistance and support levels.” said Kunal Shah, Senior Technical & Derivative analyst at LKP Securities