GIFT Nifty indicated a negative start for domestic indices BSE Sensex and NSE Nifty 50. Here’s a look at the things to know ahead of the opening bell on Friday.

GIFT Nifty traded at 19,806 slightly down by 14 points or 0.07%, indicating a flat opening for domestic indices NSE Nifty 50 and BSE Sensex on Friday. Previously, on Thursday, the NSE Nifty 50 jumped 89.75 points or 0.44% to settle at 19,765.20, while the BSE Sensex jumped 306.55 points or 0.47% to 65,982.48.

“Markets edged higher and gained nearly half a percent, in continuation of Wednesday’s surge.  After the flat start, Nifty maintained a positive tone for most of the day however profit taking in the final hour trimmed the gains. Eventually, it settled at 19,765 levels; up by 0.46%. The majority of the sectors were aligned to the move wherein IT and realty were among the top performers. The broader indices maintained their outperformance and the midcap index made a new high as well.,” said Prashanth Tapse, research Analyst-Sr VP Research, Mehta Equities Ltd

Will Nifty scale to 25,000 and end the week with gains? See GIFT Nifty, FII data, F&O ban, crude, more before market opens Will Nifty trade above 24,800, or will it experience profit booking? See GIFT Nifty, FII data, F&O ban, crude, more before market opens Will Nifty scale up to 24,500 or see profit booking from higher levels? See GIFT Nifty, FII data, F&O ban, crude, more before market opens Will Nifty break the losing streak and bounce back to 24,500? See GIFT Nifty, FII data, F&O ban, crude, more before market opens

“Nifty tested the target zone of 19,850 in no time after the breakout and we expect a breather now. All sectors are participating in the move on a rotational basis however banking is still not performing on the expected lines. Amid all, we suggest focusing on pockets that are witnessing consistent interest and using intermediate dips to accumulate them. Needless to say, the prevailing buoyancy in midcap and smallcap packs is adding to the offerings so traders should plan their positions accordingly,” Ajit Mishra added.

Key things to know before share market opens on November 17, 2023

Wall Street

The S&P 500 and the Nasdaq managed to eke out tiny gains on Thursday while the Dow Industrial Average (.DJI) ended slightly lower with pressure from tech and retail bellwethers Cisco and Walmart after disappointing forecasts, reported Reuters. The tech-heavy Nasdaq Composite gained 5.90 points or 0.04% at 14,109.73. The S&P 500 added 5.56 points or 0.12% at 4,508.24, while the Dow Jones Industrial Average dipped 45.47 points or 0.13% to 34,945.47.

US Dollar 

The US Dollar Index (DXY), which measures the value of the dollar against a basket of six foreign currencies, traded down 0.02% at 104.33.

Crude Oil 

WTI crude prices are trading at $72.81 down 0.12%, while Brent crude prices are trading at $77.32 down 0.13%, on Friday morning.

Asian Markets

Shares in the Asia-Pacific region are trading in the red on Friday morning. The Asia Dow is trading down 0.18%, Japan’s Nikkei 225 is flat, down 0.01%, Hong Kong’s Hang Seng index is trading down 1.36% and the benchmark Chinese index Shanghai Composite is down 0.71%.

FII, DII Data

Foreign institutional investors (FII) purchased shares worth net Rs 975.25 crore, while domestic institutional investors (DII) added shares worth net Rs 705.65 crore on November 16, 2023, according to the provisional data available on the NSE.

F&O Ban

The NSE has added Chambal Fertilisers and Chemicals, Delta Corp, Hindustan Copper, India Cements, Manappuram Finance, MCX, SAIL, and ZEEL are the eight stocks that are a part of the F&O ban list by the stock exchange for November 17. 

Technical View

Commenting on the Technical outlook of Ajit Mishra, SVP – Technical Research, Religare Broking said, “Markets edged higher and gained nearly half a percent, in continuation of Wednesday’s surge.  After the flat start, Nifty maintained a positive tone for most of the day however profit taking in the final hour trimmed the gains. Eventually, it settled at 19,765 levels; up by 0.46%. The majority of the sectors were aligned to the move wherein IT and realty were among the top performers. The broader indices maintained their outperformance and the midcap index made a new high as well”

Bank Nifty Outlook

The Bank Nifty index encountered resistance at 44,500, where notable selling pressure emerged in the last half-hour of trading. The index continues to adopt a “buy on dip” strategy, with a support level at 43,700, aligning with its 20-day moving average (20 DMA). A close above 44,500 is anticipated to trigger additional short-covering, potentially propelling the index towards the 45,000 mark,” said Kunal Shah, Senior Technical & Derivative analyst at LKP Securities.