GIFT Nifty indicated that Indian equity indices BSE Sensex and NSE Nifty 50 may see a subdued opening on Wednesday. Here is all you need to know before the market opens.
GIFT Nifty traded up 37 points or 0.17% at 22,230.00 indicating a subdued opening for domestic indices NSE Nifty 50 and BSE Sensex on Wednesday. Previously, on Tuesday, the NSE Nifty 50 gained 76.30 points or 0.34% to settle at 22,198.35, while the BSE Sensex closed 305.09 points or 0.42% higher at 73,095.22.
Key things to know before share market opens on February 28, 2024
Wall Street
The equity indices in the US closed majorly on a mixed note. The Dow Jones Industrial Average lost 96.82 points, or 0.25% to 38,972.41. The tech-heavy Nasdaq Composite increased 0.37% to close at 16,035.30. While the S&P 500 advanced 0.17% to settle at 5,078.18.
US Dollar
The US Dollar Index (DXY), which measures the dollar’s value against a basket of six foreign currencies, traded higher, 0.02% at 103.85.
Crude Oil
WTI crude prices are trading at $78.60 down by 0.35%, while Brent crude prices are trading at $83.29 down by 0.45%, on Wednesday morning.
Asian Markets
Asian equity indices closed on a mixed track. Japan’s Nikkei 225 was down 0.13% at 39,186.87. Similarly, the Asia Dow was flat. Hong Kong’s Hang Seng index was up 0.94% at 16,790.80. The benchmark Chinese index Shanghai Composite closed 1.29% lower at 3,015.48.
FII, DII Data
Foreign institutional investors (FII) sold shares net worth Rs 1,509.16 crore. While, domestic institutional investors (DII) bought shares net worth Rs 2,861.56 crore on February 27, 2024, according to the provisional data available on the NSE.
F&O Ban
Aditya Birla Fashion, Canara Bank, Indus Tower, SAIL, and Zee Entertainment Enterprise are on the ban list on February 28.
Technical View
Commenting on the technical outlook Jatin Gedia, a technical research analyst at Sharekhan by BNP Paribas, said that the Nifty opened on a weak note however it recovered and closed the day in the green.
“On the daily charts, we can observe that the Nifty held on to the support zone of 22100 – 22070 where the 40-hour average was placed. Overall, the Nifty has been consolidating in the broad range (21900 – 22300) since the past few trading sessions. The Bollinger bands are contracting indicating rangebound price action,” Gedia said.
The hourly momentum indicator has triggered a positive crossover which is a buy signal and thus intraday dips are likely to be bought into. On the downside, 21900 shall act as a crucial support while 22300 is the immediate hurdle.
Bank Nifty Outlook
“As far as the Bank Nifty is concerned, it has been rangebound between 46300 – 47400. In today’s trading session it held on to the 40-day average (46300) and bounced back. We expect the positive momentum to continue over the next few trading sessions. On the upside immediate hurdle is placed at 47000and above that 47200,” said Jatin Gedia, technical research analyst at Sharekhan by BNP Paribas.
