Nifty to fall below 17650 or bulls to rage on Dalal Street- 7 things to know before share market opens

Nifty to fall below 17650 or bulls to rage on Dalal Street? 7 things to know before share market opens

Indian benchmark indices are likely to open on a muted note, hinted SGX Nifty. On the Singapore Exchange, Nifty futures were in the red at 17838 level. In the previous session, Sensex closed 123 pts down at 60,683 and the Nifty ended 37 pts lower at 17,856. “The recent move in the Nifty index shows indecisiveness among the participants thus we recommend focusing more on stock selection and trade management. We’re seeing rotational buying in select index majors across sectors while others are still sitting on the sidelines. Traders should align their positions accordingly,” said Ajit Mishra, VP – Technical Research, Religare Broking Ltd.Key things to know before share market opens

Global market watch: Stocks in Asia-Pacific were down on Monday as investors look ahead to a week of crucial economic data releases, including the U.S. consumer price index that will determine the Federal Reserve’s path forward. Japan’s Nikkei 225 fell 0.61% and South Korea’s Kospi shed 0.5% in its first hour of trade. S&P 500 futures were off 0.2%, while Nasdaq futures eased 0.3%. Stocks on Wall Street ended the week on Friday with the S&P 500 up 0.2% and the Nasdaq Composite down 0.61%, both indexes posting the worst week since December.

Key levels to watch: “On the upside, 17950–18000 is a crucial resistance zone for Nifty, while the 50-DMA at 18120 is the next hurdle. Above this, we can expect a rally in the market. On the downside, 17777 and 17650 are immediate support levels, while 17350 is a critical base at any weakness. Bank Nifty is struggling to cross its 20-DMA, which is currently placed at 41700, and if it manages to cross this hurdle then we can expect a short covering rally towards the 42500-42700 zone. On the downside, 41000 is an immediate support level, while 40600 and 40000 are the next major support levels,” said Santosh Meena, Head of Research, Swastika Investmart Ltd.

FII and DII data: Foreign institutional investors (FII) net bought shares worth Rs 1,458.02 crore, while domestic institutional investors (DII) offloaded shares worth Rs 291.34 crore on 10 February, according to the provisional data available with NSE.

Stocks under F&O ban on NSE: The National Stock Exchange has Ambuja Cements and Indiabulls Housing Finance stocks on its F&O ban list for 13 February. 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 that stock.

Crude oil price slip: Oil prices eased a touch after jumping on Friday when Russia said it planned to cut its daily output by 5% in March after the West imposed price caps on Russian oil and oil products. Brent dipped 36 cents $86.03 a barrel, while U.S. crude fell 35 cents to $79.37.

Q3 Results today: FSN E-Commerce Ventures (Nykaa), Zee Entertainment, Power Finance Corporation, Sun Pharma Advanced Research Company, Shree Renuka Sugars, SAIL, Wockhardt, Ahluwalia Contracts, Allcargo Logistics, Bajaj Healthcare, Bajaj Hindusthan Sugar, BF Utilities, BGR Energy Systems, Campus Activewear, Castrol India, Godrej Industries, Greenply Industries, Grindwell Norton, GR Infraprojects, Gujarat State Petronet, Gujarat Gas, GVK Power & Infrastructure, HeidelbergCement India, Hinduja Global Solutions, Hindustan Oil Exploration, Hindware Home Innovation, HUDCO, ICRA, IFCI, Insecticides (India), IRB Infrastructure Developers, Indian Railway Finance Corporation, ISGEC Heavy Engineering, ITI, IVRCL, Krsnaa Diagnostics, Landmark Cars, Liberty Shoes, Linde India, Lumax Auto Technologies, Mcnally Bharat Engineering, MMTC, The New India Assurance Company, NLC India, Schneider Electric Infrastructure, Shalimar Paints, Texmo Pipes & Products, and Zuari Industries will report their quarterly earnings on February 13.