GIFT Nifty suggested that Indian equity indices BSE Sensex and NSE Nifty 50 may witness a subdued start on Monday. Here’s everything you need to know before the market open.
GIFT Nifty rose 22.50 points or 0.09% to 24,406, indicating a positive start for domestic indices NSE Nifty 50 and BSE Sensex on Monday. Earlier, on Friday, the NSE Nifty 50 closed 251 points or 1.04% higher at 24,368, while the BSE Sensex rose 820 points or 1.04% to 79,706.
Important things to know before the stock market opens on August 12, 2024
Hindenburg Research Row
US-based short seller Hindenburg Research claimed in a new report that SEBI chairwoman Madhabi Puri Buch and her husband held hidden stakes in the same obscure offshore funds in Bermuda and Mauritius used by Vinod Adani. The couple dismissed the allegations as baseless and claimed their finances were transparent.
Will Nifty cross 25,000 on Thursday? Watch GIFT Nifty, FII data, F&O, Crude Oil and more before market open
Will Nifty cross 25,000 on Wednesday or hit support at 24,300? Watch GIFT Nifty, FII data, F&O, Crude Oil and more before market open
Will Nifty test 24,600 on Thursday or witness profit-taking? Watch GIFT Nifty, FII data, F&O, Crude Oil and more before market open
Will Nifty hit 24,600 on Tuesday or face high resistance? Watch GIFT Nifty, FII data, F&O, Crude Oil and more before market open
Wall-Street
US markets closed higher on Friday. The broader market S&P 500 index rose 0.47% to close at 5,344.16. Likewise, the tech-heavy Nasdaq Composite gained 0.51% to close at 16,745.30. The Dow Jones Industrial Average gained 51 points or 0.13% to close at 39,497.54.
US dollar
The US dollar index (DXY), which measures the value of the dollar against a basket of six foreign currencies, traded 0.01 percent lower at 103.15 on Monday morning.
Crude oil
WTI crude oil prices were at $76.89 on Monday morning, up 0.06%, while Brent crude oil prices were trading at $79.59, down 0.06%.
Asian markets
On Monday morning, Asian markets opened higher after a week of ups and downs marked by sharp sell-offs and a subsequent strong recovery. Japan’s Nikkei 225 rose 0.51% to 35,025 points. Korea’s Kospi index rose 1.24% to 2,588.43 points. However, Asia’s Dow Jones was 1.91% higher at 3,387.54 points. China’s Shanghai Composite index lost 0.27% to end at 2,862.19 points.
FII and DII data
Foreign institutional investors (FII) bought shares worth net worth of Rs 406.72 crore. Domestic institutional investors (DII) bought shares worth net worth of Rs 3,979.59 crore on August 9, 2024, as per provisional data of NSE.
F&O ban
Bandhan Bank, Biocon, Granules India, SAIL, Aditya Birla Capital, Aditya Birla Fashion and Retail, Birlasoft, GNFC, Hindustan Copper, India Cements, IndiaMART InterMESH, LIC Housing Finance, Manappuram Finance, Punjab National Bank and RBL Bank will be subject to F&O ban on August 12.
Expert opinion
“Last week, there was clearly a tug of war between the bulls and the bears over the key support zone of 23,950-24,000 (50-day EMA range). The Nifty witnessed 400 points of volatility intra-week. Key technical levels were tested both upside and downside this week. We need to wait and watch for a sideways breakout or breakdown to determine the further key direction of the Nifty. Support for the Nifty is now seen at 24,200 and 23,950-24,000,” said Tejas Shah, Technical Researcher at JM Financial & BlinkX.
Bank Nifty Outlook
“Bank Nifty has been a poor performing sector this week as compared to Nifty. It is currently showing a lot of resilience around 50,700-50,900 levels and we need to see a decisive close above 51,100 levels to further strengthen Bank Nifty. On the downside, the support zone is at 50,300-350/49,650-700 while resistance is seen at 50,700/51,000-100,” Shah said.
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