GIFT Nifty indicated that Indian equity indices BSE Sensex and NSE Nifty 50 might see a gap down opening on Friday. Here is all you need to know before the market opens.
GIFT Nifty was down 4 points, or 0.02%, at 23,589 indicating a negative start for the domestic indices NSE Nifty 50 and BSE Sensex on Friday. Previously, on Thursday, the NSE Nifty 50 closed 51 points or 0.22% higher to finish at 23,567, while the BSE Sensex gained 141 points or 0.18% to finish at 77,479.
Key things to know before share market opens on June 21, 2024
Wall Street
The Wall Street or US markets closed on a mixed note after returning from a holiday. The S&P 500 hit a fresh record high and later closed below its previous close as the Nvidia rally took a breather. The broader market index, the S&P 500, fell 0.25% to close at 5,473.17. Similarly, the tech-heavy Nasdaq Composite pulled back 0.79% to settle at 17,721.59. Bucking the trend, the Dow Jones Industrial Average rose 299.90 points, or 0.77%, to end at 39,134.76.
US Dollar
The US Dollar Index (DXY), which measures the dollar’s value against a basket of six foreign currencies, was trading flat at 105.64 on Friday morning.
Crude Oil
WTI crude prices were trading at $81.28 up by 0.05%, while Brent crude prices were trading at $85.66 up by 0.03%, on Friday morning.
Asian Markets
Asian markets were trading mixed as Japan’s May core inflation data came in lower than expected. Japan’s Nikkei 225 was trading up 0.16% at 38,693. The Korean index Kospi was down 0.78% at 2,786. The Asia Dow was trading 0.015% higher at 3,549.94. Hang Seng was down 0.52% to trade at 18,335. The benchmark Chinese index Shanghai Composite was down 0.04% at 3,004.
FII, DII Data
Foreign institutional investors (FII) bought shares net worth Rs 415.30 crore. Meanwhile, domestic institutional investors (DII) sold shares net worth Rs 325.81 crore on June 20, 2024, according to the provisional data available on the NSE.
Technical View
“We believe that the current market texture is non-directional perhaps traders are waiting for either side breakout. On the higher side, 23650/77700 would be the immediate breakout level while below 23450/77100 the selling pressure is likely to accelerate. Above 23650/77700, the market could move up till 23750-23800/78000-78200. However, below 23450/77100 the market is likely to retest level of 23320-23300/76800-76700,” said Shrikant Chouhan, Head of Equity Research at Kotak Securities.
Bank Nifty Outlook
On Thursday, Bank Nifty continued its strong momentum and managed to hold the support at 51,200-51,000. “The bullish momentum is likely to continue, and dips should be utilized to buy the index targeting 52,200/52,600. The lower-end support is placed at 51,000, where the highest open interest is built up on the put side. A break below this level will only dampen the bullish sentiment,” said Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities.