GIFT Nifty indicated that Indian equity indices BSE Sensex and NSE Nifty 50 might see a positive opening on Tuesday. Here is all you need to know before the market opens.
GIFT Nifty was up 60 points, or 0.25%, at 23,611, indicating a higher start for the domestic indices NSE Nifty 50 and BSE Sensex on Tuesday. Previously, on Friday, the NSE Nifty 50 advanced 67 points, or 0.29%, to finish at 23,457, while the BSE Sensex jumped 182 points, or 0.24%, to finish at 76,993.
Key things to know before share market opens on June 18, 2024
Wall Street
The Wall Street or US market closed on a higher note on Monday following the previous week’s gaining streak. The S&P 500 added 0.77% to settle at 5,473.23, closing at a fresh record. The tech-heavy Nasdaq Composite moved 0.95% higher to end at 17,857.02. However, the Dow Jones Industrial Average rose 188.94 points, or 0.49%, to end at 38,778.10.
US Dollar
The US Dollar Index (DXY), which measures the dollar’s value against a basket of six foreign currencies, traded down 0.21% at 105.30.
Crude Oil
WTI crude prices were trading at $80.35 down by 0.33%, while Brent crude prices were trading at $84.31 up by 0.08%, on Tuesday morning.
Asian Markets
Asian markets are set to open higher following the overnight US markets’ gains. Japan’s Nikkei 225 was trading up 0.71% at 38,373. The Korean index Kospi was up 0.91% at 2,769. Last night, the Asia Dow was trading 1.07% lower at 3,494. Hang Seng was down 0.03% to trade at 17,936. The benchmark Chinese index Shanghai Composite was down 0.55% at 3,016.
FII, DII Data
Foreign institutional investors (FII) bought shares net worth Rs 2,175.86 crore. Similarly, domestic institutional investors (DII) bought shares net worth Rs 655.76 crore on June 18, 2024, according to the provisional data available on the NSE.
Technical View
On Friday, “the Nifty remained within the defined range of 23,300–23,500. The short-term sentiment is likely to remain more or less positive. Support levels are seen at 23,400/23,300, where the put writers have built significant positions. A decisive fall below these levels might shift the market balance in favour of the bears. Until then, it’s a buy-on-dips market. On the higher end, a decisive move above 23,500 might lead to a sharp upside in the near term,” said Rupak De, Senior Technical Analyst at LKP Securities.
Bank Nifty Outlook
Bank Nifty faced stiff resistance at the 78.6% Fibonacci retracement level (50050) and has been unable to sustain above it. The consolidation is now five trading sessions old and can resume its upmove during the upcoming week. In case of dips towards 49500–49400, it should be used as a buying interest for the target of 50500–50600, said Jatin Gedia, Technical Research Analyst at Sharekhan by BNP Paribas.