GIFT Nifty indicated that Indian equity indices BSE Sensex and NSE Nifty 50 may see a positive opening on Friday. Here’s a look at the key stocks to watch in trade.
GIFT Nifty traded up by 52 points or 0.21% at 24,458 indicating a positive opening for domestic indices NSE Nifty 50 and BSE Sensex on Friday. Previously, on Thursday, the NSE Nifty 50 ended down by 8.50 points or 0.03% to settle at 24,315.95 while the BSE Sensex falls 27.43 points or 0.03% to 79,897.35.
“Markets traded volatile and closed almost unchanged, in continuation to the previous trading session. After the flat start, the Nifty oscillated in a range and finally settled at 24,315.95 levels. Meanwhile, a mixed trend on the sectoral front kept the traders occupied wherein energy and FMCG ended in the green while realty and pharma closed lower. Meanwhile, the broader indices showed some strength and closed marginally higher,” said Ajit Mishra – SVP, Research, Religare Broking.
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 trade above 24,800 ahead of weekly expiry? 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 hold 23,800 levels ahead of weekly expiry, or decline further? See GIFT Nifty, FII data, F&O ban, crude, more before market opens
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Mishra also added that we are seeing consolidation in the index on the expected lines and it is likely to continue on Friday as well. Traders should concentrate on sectors or themes demonstrating resilience and consider stocks with favorable risk-to-reward citing the overbought market scenario.
Key things to know before share market opens on July 12, 2024
Wall Street
A global index of stocks edged down and bond yields fell on Thursday after U.S. inflation data boosted bets on interest-rate cuts while the yen surged against the dollar, raising questions about whether Japan intervened to boost its currency, reported Returns. The tech-heavy Nasdaq Composite ended down by 364.04 points or 1.95% at 18,283.41. The S&P 500 ended lower by 49.37 points or 0.88% at 5,584.54, while the Dow Jones Industrial Average ended higher by just 32.39 point or 0.08% at 39,753.75.
US Dollar
The US Dollar Index (DXY), which measures the value of the dollar against a basket of six foreign currencies, traded down by 0.50% at 104.44.
Crude Oil
WTI crude prices are trading at $83.09 up by 0.57%, while Brent crude prices are trading at $85.78 up by 0.45%, on Friday morning.
Asian Markets
Shares in the Asia-Pacific region are trading in mixed territory on Friday morning. The Asia Dow is trading up by 1.08%, where as the Japan’s Nikkei 225 is trading in red, down by 1.55%, Hong Kong’s Hang Seng index is traded higher by 1.72% and the benchmark Chinese index Shanghai Composite is up by 0.17%.
FII, DII Data
Foreign institutional investors (FII) offloaded shares worth Rs 1,137.01 crore, while domestic institutional investors (DII) mopped shares worth Rs 1,676.47 crore on July 11, 2024, according to the provisional data available on the NSE.
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F&O Ban
The NSE added Aditya Birla Fashion & Retail, Balrampur Chini Mills, Bandhan Bank, Chambal Fertilisers and Chemicals, GNFC, Indian Energy Exchange, India Cements, Indus Towers, Piramal Enterprises, RBL Bank in F&O on July 12, 2024.
Technical View
Commenting on the Technical outlook of Nifty Rupak De, Senior Technical Analyst, LKP Securities, said the Nifty remained volatile throughout the day before closing flat. In the near term, the Nifty might trade sideways, with 24,150 and 24,400 acting as the key levels. A decisive fall below 24,150 might trigger panic in the market, while a decisive move above 24,400 might induce a rally towards 24,650.
Bank Nifty Outlook
“The Bank Nifty remained rangebound during the day. The index is trading near a crucial support zone of 52,000-51,800. If it manages to hold this level, it could witness a pullback rally towards 52,500. A sustained move above 52,500 will open up the gates for 53,000. However, if it fails to hold the support at 51,800, it could decline further towards the 51,300-51,000 zone,” said Rupak De, Senior Technical Analyst, LKP Securities.