GIFT Nifty indicated that Indian equity indices BSE Sensex and NSE Nifty 50 may see a negative opening on Monday. Here is all you need to know before the market opens.
GIFT Nifty was 134.50 points or 0.60% lower at 22,452.50 indicating a negative opening for domestic indices NSE Nifty 50 and BSE Sensex on Monday. Previously, on Friday, the NSE Nifty 50 fell 234.40 points or 1.03% to settle at 22,519.40, while the BSE Sensex pulled back 793.25 points or 1.06% to finish at 74,244.90.
Key things to know before share market opens on April 15, 2024
Geopolitical Cues
Iran fired drones and missiles at Israel in an expected retaliatory attack over the weekend. After that US President Joe Biden met with his national security team for an update on the attacks and said their ‘commitment to Israel’s security against threats from Iran and its proxies is ironclad’. Now, Israel is expected to strike back at Iran in the next 24 to 48 hours.
Wall Street
The Wall Street or US market fell on Friday due to weak global cues due to geopolitical tensions rising in West Asia. The three main US indices fell on Friday. The S&P 500 was down 75.65 points or 1.46% at 5,123.41. While the Dow Jones Industrial Average finished trading down 475.84 points or 1.24% at 37,983.24. The tech-heavy index Nasdaq Composite fell 267.10 points or 1.62% to settle at 16,175.09.
US Dollar
The US Dollar Index (DXY), which measures the dollar’s value against a basket of six foreign currencies, traded higher, 0.05% at 106.06.
Crude Oil
WTI crude prices were trading at $84.93 down by 0.85%, while Brent crude prices were trading at $89.87 down by 0.74%, on Monday morning.
Asian Markets
Asian markets closed lower on Friday as Iran struck Israel with drones and missiles over the weekend. Japan’s Nikkei 225 was up 0.21% at 39,523.55. The benchmark Chinese index Shanghai Composite traded 0.49% lower at 3,019.47. The Asia Dow was down 1.33% to 3,328.42. Hang Seng was down 2.18% or 373.34 points at 16,721.69.
FII, DII Data
Foreign institutional investors (FII) sold shares net worth Rs 8,027.00 crore. However, domestic institutional investors (DII) sold shares net worth Rs 6,341.53 crore on April 12, 2024, according to the provisional data available on the NSE.
F&O Ban
Balrampur Chini Mills, GNFC, Hindustan Copper, IDEA, India Cements, Metropolis, National Aluminium, Piramal Enterprises, and Zee Entertainment Enterprises were in the list of F&O Ban on April 15.
Technical View
On Friday, Nifty opened gap down and after the initial volatility it drifted lower during the course of the day and closed around the lows for the day. It closed in the red down 234 points.
“On the daily charts, we can observe that the Nifty has breached and closed below the lows of the previous three trading sessions which indicates weakness. We believe that the Index is in the process of retracing the rise it has witnessed from 22710 – 22776. has been consolidating thereafter. The next crucial support level stands at 22370. On the upside 22620 – 22650 shall act as an immediate hurdle from a short-term perspective,” said Jatin Gedia – Technical Research Analyst at Sharekhan by BNP Paribas.
Bank Nifty Outlook
“Bank Nifty also witnessed some corrections after touching a high of 49000 in the previous trading session. The crucial support level stands at 48300 and below that at 47820. The immediate hurdle is placed at 49000,” said Jatin Gedia, technical research analyst at Sharekhan by BNP Paribas.