GIFT Nifty indicated that Indian equity indices BSE Sensex and NSE Nifty 50 may see a negative opening on Tuesday. Here’s a look at the key stocks to watch in trade.
GIFT Nifty traded down by 23 points or 0.09% at 24,380 indicating a negative opening for domestic indices NSE Nifty 50 and BSE Sensex on Tuesday. Previously, on Monday, the NSE Nifty 50 ended down by 3.30 points or 0.01% to settle at 24,320.55 while the BSE Sensex fell 36.21 points or 0.05% to 79,960.39.
“Yesterday, the Nifty index traded within a narrow range and closed nearly unchanged, resulting in a muted session. Sector-wise, there was a mixed trend with gains seen in FMCG and energy, while metal, realty, and pharma sectors ended lower. The broader indices also showed a subdued trend, closing marginally down,” said Ajit Mishra – SVP, Research, Religare Broking.
Mishra also added that We anticipate a time-wise correction in the Nifty index due to rotational buying in heavyweight stocks, which has limited the downside so far. However, there are ongoing buying opportunities in select sectors and themes. Traders should exercise caution in stock selection and prioritize effective trade management strategies.
Key things to know before share market opens on July 9, 2024
Wall Street
The S&P 500 and Nasdaq notched record-high closes on Monday as investors awaited fresh inflation data, commentary from Federal Reserve Chair Jerome Powell and the start of quarterly earnings season, reported Reuters. The tech-heavy Nasdaq Composite ended up by 50.98 points or 0.28% at 18,403.74. The S&P 500 ended higher by 5.66 points or 0.10% at 5,572.85, while the Dow Jones Industrial Average ended lower by 31.08 point or 0.08% at 39,344.79.
US Dollar
The US Dollar Index (DXY), which measures the value of the dollar against a basket of six foreign currencies, traded up by 0.09% at 104.97.
Crude Oil
WTI crude prices are trading at $82.31 up by 0.11%, while Brent crude prices are trading at $85.69 up by 0.06%, on Tuesday morning.
Asian Markets
Shares in the Asia-Pacific region are trading in positive territory on Tuesday morning. The Asia Dow is trading up by 0.39%, where as the Japan’s Nikkei 225 is trading in green, up by 0.71%, Hong Kong’s Hang Seng index is traded marginally higher by 0.06% and the benchmark Chinese index Shanghai Composite ended down by 0.93%.
FII, DII Data
Foreign institutional investors (FII) bought shares worth Rs 60.98 crore, while domestic institutional investors (DII) mopped shares worth Rs 2,866.79 crore on July 07, 2024, according to the provisional data available on the NSE.
F&O Ban
The NSE added Aditya Birla Fashion and Retail, Bandhan Bank, Chambal Fertilisers GNFC, Hindustan Copper, India Cement, Indus Tower and Piramal Enterprises in F&O on July 9, 2024.
Technical View
Commenting on the Technical outlook of Nifty Rupak De, Senior Technical Analyst, LKP Securities, said The Nifty remained range-bound during the day, as market participants appeared to be in no hurry to decide the market’s direction. Support remains at 24,240, and a fall below this level might weaken the strength of the bulls. Until then, dips might be bought into. On the higher end, resistance is seen at 24,375-24,400. Above 24,400, the index might move towards 24,600.
Bank Nifty Outlook
“Bank Nifty closed below its support level at 52,500, forming a small-bodied candlestick on the daily chart. The trend however, remains positive as it closed above the critical moving average. Strong support level is at 52,000 where Put writers are present heavily. While the Call writers seen heavying position at 52500. A close above 52500 might induce a sustained rally towards 53000,” Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities.