GIFT Nifty indicated that Indian equity indices BSE Sensex and NSE Nifty 50 may see a negative opening on Saturday. Here is all you need to know before the market opens.
GIFT Nifty traded down 60.50 points or 0.27% at 22,511.00 indicating a positive opening for domestic indices NSE Nifty 50 and BSE Sensex in the special trading session on Saturday. Previously, on Friday, the NSE Nifty 50 gained 355.95 points or 1.62% to settle at 22,338.75, while the BSE Sensex closed 1,245.05 points or 1.72% higher at 73,745.35.
Key things to know before share market opens for special trading session on March 02, 2024
Wall Street
The equity indices in the US closed in positive territory. The Dow Jones Industrial Average inched up 90.99 points or 0.23% to 39,087.38. The tech-heavy Nasdaq Composite advanced 1.14% to close at 16,274.94. While the S&P 500 rose 0.80% to settle at 5,137.08.
US Dollar
The US Dollar Index (DXY), which measures the dollar’s value against a basket of six foreign currencies, traded marginally higher, 0.01% at 103.97.
Crude Oil
WTI crude prices were trading at $79.97 up by 2.19%, while Brent crude prices were trading at $83.39 up by 1.81%, on Saturday morning.
Asian Markets
Asian equity indices closed on a positive note. Japan’s Nikkei 225 was up 1.9% at 39,910.82. Similarly, the Asia Dow was up 0.89% to 3,279.58. Hong Kong’s Hang Seng index was up 0.47% at 16,589.44. The benchmark Chinese index Shanghai Composite closed 0.39% higher at 3,027.02.
F&O Ban
There were no companies’ stocks on the ban list on March 02.
FII, DII Data
Foreign institutional investors (FII) bought shares net worth Rs 128.94 crore. While, domestic institutional investors (DII) sold shares net worth Rs 3,814.53 crore on March 01, 2024, according to the provisional data available on the NSE.
Technical View
Commenting on the technical outlook Jatin Gedia, a technical research analyst at Sharekhan by BNP Paribas, said that the Nifty opened gap up and continued to inch higher throughout the day to close with gains of – 356 points.
“On the daily charts, we can observe that the Nifty has broken out of a Running Triangle pattern indicating the start of a fresh leg of upmove. The daily Bollinger bands have begun to expand and prices trading along the upper band indicate that there could be sharp trending moves on the upside. We expect Nifty to target levels of 23000 – 23100 from a short-term perspective. On the downside, the zone of 21900 – 21860 shall now act as a crucial support zone and a breach below it shall lead to a trend reversal,” said Gedia.
Bank Nifty Outlook
Bank Nifty has held on to the support zone of 45800 – 45600 and started the next leg of upmove which can take the Bank Nifty towards the zone of 48630 – 48660. Bank Nifty is likely to take the lad and support the next leg of the upmove. Participation from key heavyweights is likely to aid the upmove, said Jatin Gedia, technical research analyst at Sharekhan by BNP Paribas.