Will Nifty test 21,500 levels or dip ahead- See GIFT Nifty, FII data, F&O ban, crude, more before market opens

Will Nifty test 21,500 levels or dip ahead? 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 positive opening on Friday. Here’s a look at the key stocks to watch in trade.

GIFT Nifty traded up by 108 points or 0.51% at 21,425, indicating a positive opening for domestic indices NSE Nifty 50 and BSE Sensex on Friday. Previously, on Thursday, the NSE Nifty 50 gained 104.90 points or 0.50% to settle at 21,255.05, while the BSE Sensex ended higher by 358.79 points or 0.51% to 70,865.10.

Mishra also added that, We expect consolidation in the index now however there will be no shortage of trading opportunities on the stock-specific front. Participants should align their trades accordingly and prefer sectors, which are showing relatively higher strength. Apart from the domestic factors, the performance of the US markets would play a critical role in the next directional move so keep a close watch.

Key things to know before share market opens on December 22, 2023Wall Street

U.S. stocks bounced higher after Thursday data signalled the economy was headed in the right direction, cementing bets for deeper interest rate cuts from the Federal Reserve, reported Bloomberg. The tech-heavy Nasdaq Composite gained 185.93 points or 1.26% at 14,963.87. The S&P 500 jumped 48.40 points or 1.03% at 4,746.75, while the Dow Jones Industrial Average surged 322.35 points or 0.87% to 37,404.35.

US Dollar

The US Dollar Index (DXY), which measures the value of the dollar against a basket of six foreign currencies, traded down by 0.09% at 101.75.

Crude Oil

WTI crude prices are trading at $73.90 up 0.02%, while Brent crude prices are trading at $79.41 up by 0.02%, on Friday morning.

Asian Markets

Shares in the Asia-Pacific region are trading in the positive territory on Friday morning. The Asia Dow is trading up by 0.38%, Japan’s Nikkei 225 is green, up 0.31%, Hong Kong’s Hang Seng index is trading up 0.04% and the benchmark Chinese index Shanghai Composite is trading higher by 0.57%.

FII, DII Data

Foreign institutional investors (FII) offloaded shares worth net Rs 1,636.2 crore, while domestic institutional investors (DII) bought shares worth net Rs 1,464.7 crore on December 21, 2023, according to the provisional data available on the NSE.

F&O Ban

The NSE has added Ashok Leyland, Balrampur Chini Mills, Delta Corp, Hindustan Copper, India Cements, Manappuram Finance, RBL Bank, and SAIL to its F&O ban list for December 22, 2023.

Technical View

Commenting on the Technical outlook of Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities, said, Nifty recently demonstrated resilience, rebounding strongly from a critical support level at 21000, affirming a bullish sentiment. The index closed above its 10-day moving average, signaling positive momentum. Key levels to monitor include 21000 as immediate support and 21300 as the initial resistance.

Bank Nifty Outlook

“Demonstrating resilience, Bank Nifty robustly rebounded from a crucial support level at 47000, confirming a bullish trend. The index closed above the resistance at 47500, highlighting its strength. Having closed above the 10-day moving average, Bank Nifty finds immediate support at 47500, while 48000 acts as the initial resistance, “said Kunal Shah, Senior Technical & Derivative analyst at LKP Securities.