GIFT Nifty indicated that Indian equity indices BSE Sensex and NSE Nifty 50 may see a negative opening on Monday. Here’s a look at the key things to know before the market opens.
GIFT Nifty traded down by 79.50 points or 0.34% at 23,387 indicating a negative opening for domestic indices NSE Nifty 50 and BSE Sensex on Monday. Previously, on Friday, the NSE Nifty 50 ended down by 65.90 points or 0.28% to settle at 23,501.10 while the BSE Sensex plunged 269.03 points or 0.35% to 77,209.90.
“The markets experienced volatility today, resulting in a slight decrease of nearly half a percent despite mixed signals. Initially showing an upward trend, the Nifty gradually declined in the first half and then fluctuated significantly in the latter half before settling at 23,501.10, marking a decrease of 0.28%. Sector-wise, traders were engaged in a mixed trend. IT and metal sectors saw gains, while FMCG, realty, and auto sectors witnessed declines. The broader indices also saw some profit-taking and closed marginally lower,” said Ajit Mishra – SVP, Research, Religare Broking.
Mishra also added that, Nifty has been struggling to maintain levels above 23,600, although it remains steady above the support zone indicated by moving averages. We thus recommend focusing on selective stock picking during this period and using it as an opportunity to accumulate high-quality stocks. Besides domestic factors, global market performance will also be closely watched in the absence of any major events.
Key things to know before share market opens on June 24, 2024
GST Council Meeting
Finance Minister Nirmala Sitharaman chaired the 53rd Goods and Services Tax (GST) Council meeting in New Delhi. The meeting, attended by finance ministers from states and Union Territories, marks a significant session following Sitharaman’s recent assumption of charge as Union Minister of Finance and Corporate Affairs.
The previous GST Council meeting convened on October 7, 2023, under Sitharaman’s leadership and included the presence of Finance MoS Pankaj Chaudhary, the Revenue Secretary, Chairman CBIC, Member CM, Member GST, Member TP, and senior officers from both Union Government and States. During the October meeting, the council announced a 28% levy on online gaming, casinos, and horse racing. In a subsequent March meeting, the council decided to defer the review of this 28% levy on online gaming proceeds.
Wall Street
The S&P 500 and Nasdaq closed lower on Thursday, as market bellwether Nvidia retreated from earlier gains, while investors evaluated recent economic data and commentary from Federal Reserve officials to determine the timing of interest-rate cuts this year, reported Reuters. The tech-heavy Nasdaq Composite ended down by 32.23 points or 0.18% at 17,689.36. The S&P 500 ended lower by 8.55 points or 0.16% at 5,464.62, while the Dow Jones Industrial Average trade marginally higher by 15.57 point or 0.04% at 39,150.33.
US Dollar
The US Dollar Index (DXY), which measures the value of the dollar against a basket of six foreign currencies, traded up by 0.06% at 105.88.
Crude Oil
WTI crude prices are trading at $80.38 down by 0.26%, while Brent crude prices are trading at $84.85 down by 0.26%, on Monday morning.
Asian Markets
Shares in the Asia-Pacific region are trading marginally lower note on Monday morning. The Asia Dow is trading up by 0.88%, where as the Japan’s Nikkei 225 is trading in red, down by 0.03%, Hong Kong’s Hang Seng index is ended higher by 1.67% and the benchmark Chinese index Shanghai Composite traded lower by 0.24%.
FII, DII Data
Foreign institutional investors (FII) offloaded shares worth Rs 1,790 crore, while domestic institutional investors (DII) bought shares worth Rs 1,237 crore on June 21, 2024, according to the provisional data available on the NSE.
F&O Ban
The NSE added Balrampur Chini Mills, Chambal Fertilisers & Chemicals, GNFC, HAL, Hindustan Copper, Indus Tower, and Piramal Enterprises in F&O on June 24, 2024.
Technical View
Commenting on the Technical outlook of Nifty Rupak De, Senior Technical Analyst, LKP Securities, said Nifty has been hovering within the 23300 to 23600 range, indicating indecisiveness, which sets the stage for a very volatile monthly expiry. A decisive move above 23600 might take the index towards 24000 in the short term, whereas failure to hold above 23300 might trigger panic in the market. Below 23300, the Nifty might fall towards 22750 in the short term.
Bank Nifty Outlook
“The BankNifty index witnessed a volatile trading session but ended on a flat note, highlighting the evident tussle between buyers and sellers. The immediate resistance is placed at 52,000, where the highest open interest is built up on the call side. The index needs to surpass this mark to continue its upward movement. On the downside, the lower end support is placed at 51,000, where the highest open interest is built up on the put side. Dips towards this support level should be viewed as an ideal buying opportunity,” Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities.
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