Nifty to defend 20100 or fall in trade- See GIFT Nifty, FII data, crude, F&O ban, more before market opens

Nifty to defend 20100 or fall in trade? See GIFT Nifty, FII data, crude, F&O ban, more before market opens

GIFT Nifty traded flat at 20,229, up by merely 11.5 points or 0.06% during Friday’s early trading session, indicating a flat opening for domestic indices NSE Nifty 50 and BSE Sensex. The Nifty and the Sensex hit fresh all-time highs in early trade and then traded relatively choppy for the rest of the session. The Nifty 50 hit intra-day high of 20,167.65 before closing at 20,103, up 0.16%. The Sensex too retraced some points in closing trade after hitting a fresh high of 67,771.05.

“Nifty bulls held the fort above 20,100 as bullish consolidations were the preferred theme. Markets also took in their stride the spike in WTI oil prices to $89.50 a barrel. Oil prices are now flirting at their highest level in over ten months underpinned by tightening supplies and expectations that OPEC+ leaders would extend output cuts through the rest of the year. Technically speaking, bears to remain out of the picture as long as the benchmark is above the 19,901 mark,” said Prashanth Tapse, Senior VP (Research), Mehta Equities.

Key things to know before share market opens on 15 September, 2023Wall Street

Wall Street ended higher on Thursday, September 14, 2023. The tech-heavy Nasdaq Composite gained 0.81% to 13,926.05. The Dow Jones Industrial Average surged 331.58 points, or 0.96%, to 34,907.51, while the S&P 500 soared 0.84% to 4,505.17 points.

US PPI Data

The producer price index for final demand rose 0.7% last month, the largest gain since June 2022, the Labor Department said on Thursday. Data for July was revised slightly up to show the PPI advancing 0.4% instead of the previously reported 0.3%,” according to Reuters.

Crude Oil

Oil prices were on a surge in the market; WTI crude was trading above the $90 mark, while Brent crude prices jumped over $93.

Asian Markets

The Asian market traded broadly in green on Friday. The Asia Dow was up by 0.69%, whereas the benchmark Chinese index, the Shanghai Composite, slipped marginally by 0.04%, while Japan’s Nikkei 225 surged over 287 points, or 0.87%. Meanwhile, Hong Kong’s Hang Seng index added 0.27%.

FII, DII Data

Foreign institutional investors (FII) bought shares worth net Rs 294.69 crore, while domestic institutional investors (DII) offloaded shares worth net Rs 50.80 crore on September 14, 2023, according to the provisional data available on the NSE.

F&O Ban

The NSE has added Balrampur Chini Mills, BHEL, Zee Entertainment Enterprises, Delta Corp, Hindustan Copper, Indiabulls Housing Finance, Indian Energy Exchange, India Cements, Manappuram Finance, National Aluminium Company, REC and SAIL to its F&O ban list for September 15, 2023.

Bank Nifty Outlook

The Bank Nifty index added 91.40 points to end Thursday’s trading session at 46,000.85. “Bank Nifty remained range-bound throughout the day as the index failed to deliver a decisive breakout above 46,000. The index continues to be a ‘buy on dips’ as long as it stays above 45,500. Nevertheless, a sustained rally could materialize if Bank Nifty decisively breaches the 46,000 mark,” said Rupak De, Senior Technical Analyst at LKP Securities, while commenting on the technical outlook of the Bank Nifty index.

Technical View

Commenting on the technical outlook of Nifty 50, Ajit Mishra, SVP – Technical Research, Religare Broking, said that, “The rotational buying across sectors is helping the index to inch gradually higher amid mixed global cues. We are eyeing 20,300 in the Nifty and expect the 19,800-19,950 zone to offer cushion in case of any dip. Meanwhile, participants should maintain their focus on stock selection and prefer index majors.”