Nifty to reclaim 18300 or bears to drag index below 18000- 7 things to know before share market opening bell

Nifty to reclaim 18300 or bears to drag index below 18000? 7 things to know before share market opening bell

Indian benchmark indices are likely to open on a tepid note, hinted SGX Nifty on Tuesday. Nifty futures traded mildly in red at 18,147 level on the Singapore Exchange, signaling at a muted start for the domestic share market. In the previous session, BSE Sensex rallied 847 pts to 60,747, while the Nifty 50 rose 242 pts to 18,101. “Markets will react to the TCS numbers in the early trade. Besides, the performance of the global indices will also be in focus. On the index front, a decisive close above 18260 levels in Nifty may result in further recovery else the decline would resume. Meanwhile, we recommend continuing with stock-specific trading approach with a focus on risk management,” said Ajit Mishra, VP – Technical Research, Religare Broking.Key things to know before stock market opens

Global market watch: Asia-Pacific markets traded mixed on Tuesday after the Nasdaq Composite extended gains for a second day on Wall Street. Japan’s Nikkei 225 rose 1.08% in its first hour of trade and the Topix gained 0.91%. The S&P/ASX 200 fell 0.19% in its first hour of trade, While South Korea’s Kospi was marginally higher and the Kosdaq rose 0.27%. Overnight in the US stock market, the Dow Jones Industrial Average fell 0.34%, the S&P 500 lost 0.08%, and the Nasdaq Composite added 0.63%.

Key levels to watch: “Volume profile indicates that Nifty index may find support around 17900-18000 zone. Coming to the OI Data, on the call side, the highest OI is observed at 18200, followed by 18300 strike prices. While on the put side, the highest OI was seen at 18000 strike price. On the other hand, Bank Nifty has support at 42000-42100 while resistance is placed at 43000-43200 range,” said Ameya Ranadive, Equity Research Analyst, Choice Broking.

FII and DII data: Foreign institutional investors (FII) net sold shares worth Rs 203.13 crore, while domestic institutional investors (DII) net bought shares worth Rs 1,723.79 crore on 9 January, according to the provisional data available on the NSE.

Stocks under F&O ban on NSE: The National Stock Exchange has kept Indiabulls Housing Finance and GNFC under its F&O ban list for 10 January. According to the NSE, the stocks mentioned above are prohibited in the F&O sector because they have exceeded 95% of the market-wide position limit (MWPL). During the F&O ban period, no new positions are permitted for F&O contracts in these stocks.

Q3 Results today: Atharv Enterprises, Excel Realty N Infra, Gala Global Products, GI Engineering Solutions, Marsons, Quest Capital Markets, and Visagar Financial Services will be in focus ahead of quarterly earnings on January 10.

Crue Oil prices steady: Oil prices were little changed on Tuesday, giving up some of the gains from the previous session, as traders awaited clarity on the US Federal Reserve’s plans for rate hikes to gauge the impact on the economy and fuel demand. Federal Reserve Chair Jerome Powell will make a speech later in the day at a central bank conference that could offer some signals on the Fed’s plan. Brent futures for March delivery fell 16 cents to $79.49 a barrel, a 0.2% drop, by 1:15 GMT. U.S. crude fell 5 cents, or 0.07%, to $74.58 per barrel. Both benchmarks had climbed 1% on Monday after China opened its borders over the weekend for the first time in three years.