GIFT Nifty indicated that Indian equity indices BSE Sensex and NSE Nifty 50 may see a positive opening on Monday. Here is all you need to know before the market opens.
GIFT Nifty traded up by 60.50 points or 0.27% at 22,511 indicating a positive opening for domestic indices NSE Nifty 50 and BSE Sensex on Monday. Previously, on Saturday’s special session, the NSE Nifty 50 ended up by 39.65 points or 0.18% to settle at 22,378.40, while the BSE Sensex gained 60.80 points or 0.08% to 73,806.15
“Markets surged strongly on Friday and reclaimed the record high. After the initial uptick, Nifty moved from strength to strength as the day progressed and finally settled around the day’s high to close at 22,338.75; up by 1.6%. The majority of sectors contributed to the move wherein metal, banking and auto posted strong gains. However, the broader indices underperformed the benchmark but managed to end with modest gains,” said Ajit Mishra, SVP – Technical Research, Religare Broking Ltd.
Mishra also added that, We are eyeing 22,800 in Nifty now thus participants should continue with a “buy on dips” approach until it breaks 21,900. We feel the participation of the banking pack would continue to play a critical role in maintaining the prevailing momentum while others may play a supportive part on a rotational basis. Traders should maintain stock-specific approach and prefer index majors and large midcap counters for long trades.
Key things to know before share market opens on March 4, 2024
Wall Street
U.S. bonds climbed as disappointing factory data and a decline in consumer sentiment solidified bets on interest-rate cuts, with traders also sifting through the latest remarks from a slew of Federal Reserve speakers. A renewed rally in tech lifted stocks, reported Bloomberg. The tech-heavy Nasdaq Composite ended up by 180.88 points or 1.12% at 16,272.80. The S&P 500 gained by 40.96 points or 0.80% at 5,137.23, while the Dow Jones Industrial Average ended higher by 89.36 points or 0.23% at 39,085.75.
US Dollar
The US Dollar Index (DXY), which measures the value of the dollar against a basket of six foreign currencies, traded down by 0.06% at 103.83.
Crude Oil
WTI crude prices are trading at $80.06 up by 0.12%, while Brent crude prices are trading at $83.76 up by 0.25%, on Monday morning.
Asian Markets
Shares in the Asia-Pacific region are trading in positive territory on Monday morning. The Asia Dow is trading up by 1.10%, where as the Japan’s Nikkei 225 is trading in green, up by 0.75%, Hong Kong’s Hang Seng index is ended higher by 0.47% and the benchmark Chinese index Shanghai Composite is ended up by 0.39%.
FII, DII Data
Foreign institutional investors (FII) mopped shares worth net Rs 128.9 crore, while domestic institutional investors (DII) bought shares worth net Rs 3,814.5 crore on March 1, 2023, according to the provisional data available on the NSE.
F&O Ban
The NSE added Zee Entertainment Enterprise to F&O on March 4, 2024.
Technical View
Commenting on the Technical outlook of Nifty Rupak De, Senior Technical Analyst, LKP Securities, said Nifty remained above 22,000 in the early hours, propelling the market upward throughout the day. The index’s consolidation breakout, coupled with sustained movement above the moving average, fueled a robust rally. Notably, the Relative Strength Index (RSI) confirmed a bullish crossover, indicating positive momentum in the market. Sentiment is optimistic for potential upward movements, with expectations of buying into dips. On the upper scale, resistance is apparent at 22,400/22,600, while support is placed at 22,200.
Bank Nifty Outlook
“The Bank Nifty bulls maintained their dominance, leading the index to overcome significant hurdles with notable volumes. The current support for the index is established in the range of 47000-46900, and any pullback towards this support zone is seen as a favorable buying opportunity. There is a strong indication that the index is poised to surpass its all-time high levels, situated at the 48500 mark, in the near term,” said Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities.
