GIFT Nifty traded at 19,763.5 up 46 points or 0.23%, indicating a positive opening for domestic indices NSE Nifty 50 and BSE Sensex on Thursday. Previously, on Wednesday, the NSE Nifty 50 soared 231.90 points or 1.19% to settle at 19,675.45, while the BSE Sensex jumped 742.06 points or 1.14% to 65,675.93.
“Markets made a firm start and gained over a percent, tracking upbeat global cues. After the gap-up start, Nifty remained in a narrow range in the first half however buying in select heavyweights pushed the index higher as the session progressed. Consequently, it settled around the day’s high at 19675.45 levels. All sectors participated in the move wherein realty, IT and auto were among the top performers. The broader indices also traded in sync and gained nearly a percent each,” said Ajit Mishra, SVP – Technical Research, Religare Broking.
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“Nifty has decisively crossed the trend line hurdle and looks set to test 19,850 now. Interestingly, noticeable contributions from heavyweights like Reliance, Infosys and TCS, which were on the sidelines, largely fuelled the up move. And, we expect their participation to continue thus reiterating our view to maintain a ‘buy on dips’ approach and focus on stock selection,” Ajit Mishra added.
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 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 break the losing streak and bounce back to 24,500? See GIFT Nifty, FII data, F&O ban, crude, more before market opens
Key things to know before share market opens on November 16, 2023
Wall Street
US stocks closed slightly higher on Wednesday, as fresh inflation data reinforced investor hopes that the Federal Reserve is done raising interest rates, while retail stocks were boosted by an upbeat forecast from Target (TGT.N), reported Reuters. The tech-heavy Nasdaq Composite gained 9.46 points or 0.07% at 14,103.84. The S&P 500 added 7.18 points or 0.16% at 4,502.88, while the Dow Jones Industrial Average surged 163.51 points or 0.47% to 34,991.21.
US Dollar
The US Dollar Index (DXY), which measures the value of the dollar against a basket of six foreign currencies, traded up 0.03% at 104.43.
Crude Oil
WTI crude prices are trading at $76.13 down 0.68%, while Brent crude prices are trading at $80.64 down 0.67%, on Thursday morning.
Asian Markets
Shares in the Asia-Pacific region are trading in the red on Thursday morning. The Asia Dow is trading down 0.23%, Japan’s Nikkei 225 is down 0.29%, Hong Kong’s Hang Seng index is trading down 0.27% and the benchmark Chinese index Shanghai Composite is down 0.08%.
FII, DII Data
Foreign institutional investors (FII) purchased shares worth net Rs 550.19 crore, while domestic institutional investors (DII) added shares worth net Rs 609.82 crore on November 15, 2023, according to the provisional data available on the NSE.
F&O Ban
The NSE has added MCX India, Delta Corp, Hindustan Copper, Indiabulls Housing Finance, SAIL, and Zee Entertainment Enterprises to its F&O ban list for November 16, 2023.
Technical View
Commenting on the Technical outlook of Jatin Gedia – Technical Research Analyst at Sharekhan by BNP Paribas, said, “On the daily charts we can observe that the narrow range of the last few trading sessions has been decisively broken on the upside. The Nifty is now stretching higher towards 19,800 – 19,850 where resistance in the form of the daily upper Bollinger band and the previous swing high is placed. The daily and hourly momentum indicator has a positive crossover which is a buy signal and hence intraday dips should be bought into. In terms of levels, 19,580– 19,550 is the crucial support zone while 19,800 – 19,850 is the immediate hurdle zone from short term perspective.”
Bank Nifty Outlook
Bank Nifty index added as much as 310.45 points or 0.75% to settle at 44,201.70 on Wednesday. “Bank Nifty exhibited a predominantly sideways movement subsequent to a gap-up commencement. Nevertheless, the index has consistently maintained its position above the crucial moving average on the daily chart, indicating a positive trend. Key support is situated at 44,000, and the sentiment is expected to stay optimistic as long as it remains above this level. On the upside, there is a potential movement towards 44,750,” said Rupak De, Senior Technical analyst at LKP Securities.