GIFT Nifty traded at 19,506.5 up 25.5 points or 0.13%, indicating a positive opening for domestic indices NSE Nifty 50 and BSE Sensex on Thursday. Previously on Wednesday, the NSE Nifty 50 added 36.80 points or 0.03% to settle at 19,443.50, while the BSE Sensex gained 33.21 points to 64,975.61.
“The domestic market traded rangebound with a positive bias. And further confidence may be derived from the global market cues post the FED chair speech. Oil prices continued to fall, which will provide respite to the domestic economy and navigate a downward trajectory to inflation & fiscal,” said Vinod Nair, Head of Research at Geojit Financial Services.
Key things to know before share market opens on November 9, 2023
Wall Street
The S&P 500 and Nasdaq eked out small gains on Wednesday to extend their recent winning streaks as investors weighed Federal Reserve officials’ recent comments for signals on the path of interest rates and focused on the direction of Treasury yields, reported Reuters. The tech-heavy Nasdaq Composite added 10.56 points or 0.08% at 13,650.41. The S&P 500 rose 4.40 points or 0.10 % at 4,382.78, while the Dow Jones Industrial Average advanced 40.33 points or 0.12% to 34,112.27.
US Dollar
The US Dollar Index (DXY), which measures the value of the dollar against a basket of six foreign currencies, traded down 0.09% at 105.50.
Crude Oil
WTI crude prices are trading at $5.95 up 0.82%, while Brent crude prices are trading at $80.11 up 0.72%, on Thursday morning.
Asian Market
Shares in the Asia-Pacific region are trading in the green on Thursday morning. The Asia Dow is trading up 0.03%, Japan’s Nikkei 225 is up 0.93%, Hong Kong’s Hang Seng index is trading up 0.11%, and the benchmark Chinese index, Shanghai Composite, is also up 0.26%.
FII, DII Data
Foreign institutional investors (FII) offloaded shares worth net Rs 84.55 crore, while domestic institutional investors (DII) added shares worth net Rs 524.47 crore on November 8, 2023, according to the provisional data available on the NSE.
F&O Ban
The NSE has added Delta Corp and Gujarat Narmada Valley Fertilizers and Chemicals to its F&O ban list for November 9, 2023.
Technical View
Commenting on the technical outlook of the NSE Nifty 50,Jatin Gedia – Technical Research Analyst at Sharekhan by BNP Paribas, said, “On the daily charts we can observe that the Nifty has been consolidating around the resistance zone of 19,450 – 19,500 where both the Bulls and Bears are trying to defend their respective boundaries. The hourly momentum indicator has a negative crossover which is a sell signal and can lead to more consolidation. On the way down the Nifty is trading above the key hourly moving averages 19,340 – 19,320 which shall act as an immediate support zone incase of a dip. On the upside a decisive close above 19,450 – 19,500 shall lead to an extension of the current rally till 19,690. During this consolidation phase, broad market outperformance can continue.”
Bank Nifty Outlook
Bank Nifty index dropped 79.25 points or 0.18% to 43,658.65 on Wednesday. “Bank Nifty traded sideways throughout the day. Nevertheless, the prevailing trend appears to be bullish as the index closed above a critical short-term moving average. Support is established at 43,500 on the lower end. As long as the index maintains its position above 43,500, a ‘buy on dips’ strategy is considered appropriate. On the higher end, there is potential for the index to advance towards 44,200,” said Rupak De, Senior Technical analyst at LKP Securities.
