Will the Nifty hit the 21,500 mark and sustain- See GIFT Nifty, FII data, F&O ban, crude, more before market opens

Will the Nifty hit the 21,500 mark and sustain? 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 lacklustre opening on Monday. Here’s a look at the key stocks to watch in trade.

GIFT Nifty traded flat at 21,474, indicating a lacklustre opening for domestic indices NSE Nifty 50 and BSE Sensex on Monday. Previously, on Friday, the NSE Nifty 50 jumped 273.95 points or 1.29% to settle at 21,456.65, while the BSE Sensex soared 969.54 points or 1.37% to 71,483.75.

Mishra also added that, We could see a breather in the index after the recent surge and expect to hold the 21,000-21,200 zone in case of any dip. Much on the expected lines, banking and IT majors are among the top contributors in the present leg of up move and we believe their outperformance could continue. Participants should align their trades accordingly and avoid contrarian positions.

Key things to know before share market opens on December 18, 2023Wall Street

The Dow Jones industrial average hit its first record closing high since January 2022 and the S&P 500 and Nasdaq rallied on Friday after dovish signals from the Federal Reserve this week, reported Bloomberg. The tech-heavy Nasdaq Composite gaied 52.36 points or 0.35% at 14,813.92. The S&P 500 dipped 8.26 points or 0.18% at 4,711.29, while the Dow Jones Industrial Average ended higher by 56.81 points or 0.15% to 37,305.16.

US Dollar

The US Dollar Index (DXY), which measures the value of the dollar against a basket of six foreign currencies, traded slight higher by 0.04% at 102.59.

Crude Oil

WTI crude prices are trading at $72.27 up 0.65%, while Brent crude prices are trading at $77.15 up 0.78%, on Monday morning.

Asian Markets

Shares in the Asia-Pacific region are trading in the mixed territory on Monday morning. The Asia Dow is trading up 1.86%, Japan’s Nikkei 225 is red, down 1.06%, Hong Kong’s Hang Seng index is trading up 2.38% and the benchmark Chinese index Shanghai Composite is down by 0.56%.

FII, DII Data

Foreign institutional investors (FII) added shares worth net Rs 9,239.4 crore, while domestic institutional investors (DII) offloaded shares worth net Rs 3077.4 crore on December 14, 2023, according to the provisional data available on the NSE.

F&O Ban

The NSE has added Indiabulls Housing Finance is out of the F&O Ban list. Manappuram Finance, SAIL, India Cements, Hindustan Copper, Balrampur Chini, Delta Corp, and Zee Entertainment  to its F&O ban list for December 18, 2023.

Technical View

Commenting on the Technical outlook of Rupak De, Senior Technical analyst at LKP Securities, said, The Nifty’s upward momentum persists with the bulls maintaining control in the market. Achieving a new all-time high, the index has marked its seventh consecutive weekly gain. The prevailing sentiment appears strongly in favor of the bulls, as indicated by the absence of any reversal signals on the technical charts. Resistance is observed at 21,500, while a potential further rally in the Nifty could occur upon breaching this level. Support is currently positioned at 21,300.

Bank Nifty Outlook

“The Bank Nifty bulls maintain their robust momentum, pushing the index beyond the 48000 level. The overall market sentiment remains bullish, supported by a strong base at 47500. Any retracements towards this support level are seen as buying opportunities. The upside potential for the index is projected to reach 50000, indicating continued optimism among market participants,” said Kunal Shah, Senior Technical & Derivative analyst at LKP Securities.