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Will Nifty continue sideways movement on Thursday? See GIFT Nifty, FII data, F&O, crude, and more before market opens

 

 GIFT Nifty indicated that Indian equity indices BSE Sensex and NSE Nifty 50 might see a subdued opening on Thursday. Here is all you need to know before the market opens.

GIFT Nifty was up 7 points, or 0.03%, at 23,521.50 indicating a muted start for the domestic indices NSE Nifty 50 and BSE Sensex on Thursday. Previously, on Wednesday, the NSE Nifty 50 closed 42 points or 0.18% lower to finish at 23,516, while the BSE Sensex gained 36 points or 0.05% to finish at 77,338.

The Wall Street or US markets were closed on Wednesday on account of the Juneteenth holiday. It closed a record high on Tuesday as Nvidia’s shares were on a winning spree and marched to new highs, surpassing the market cap of Microsoft. The S&P 500 added 0.25% to settle at 5,487, closing at a fresh record. Similarly, the tech-heavy Nasdaq Composite moved 0.03% higher to end at 17,862.23. The Dow Jones Industrial Average rose 56.76 points, or 0.15%, to end at 38,834.86. 

US Dollar 

The US Dollar Index (DXY), which measures the dollar’s value against a basket of six foreign currencies, was up 0.03% at 105.25 Thursday morning.

Crude Oil

WTI crude prices were trading at $80.53 down by 0.63%, while Brent crude prices were trading at $85.05 down by 0.02%, on Thursday morning.

Asian Markets

Asian markets opened on a mixed note on Thursday morning, lacking the US markets’ follow-up as Wall Street was shut in observance of Juneteenth. Japan’s Nikkei 225 was trading down 0.78% at 38,272. The Korean index Kospi was up 0.24% at 2,804. The Asia Dow was trading 0.15% higher at 38,834.86. Hang Seng was up 2.87% to trade at 18,430. The benchmark Chinese index Shanghai Composite was down 0.03% at 3,017. 

FII, DII Data

Foreign institutional investors (FII) bought shares net worth Rs 7,908.36 crore. Similarly, domestic institutional investors (DII) bought shares net worth Rs 7,107.80 crore on June 19, 2024, according to the provisional data available on the NSE.

Technical View

“Rotational buying across key sectors supported a positive market sentiment, yet without clear conviction. Therefore, we advise continuing a strategy of “buying on dips” in the index and placing emphasis on selective stock picks based on sectoral or thematic factors. Banking has reached new highs and is anticipated to sustain momentum, while renewed interest in IT is expected following recent consolidation,” said Ajit Mishra, Senior Vice President of Research at Religare Broking. 

Bank Nifty Outlook

On Wednesday, the Bank Nifty was an outperforming sector and it was also one of the leading sectors, especially private banks, which were responsible for taking the Nifty higher. “On expected lines, Bank Nifty tested our target level of 51,100 marks. We believe that the rally in the Bank Nifty is likely to continue and it can test the next psychological resistance level of 52,000 on the higher side. On the downside, the support zone lies at 51,100 / 50,400-500 while the resistance is seen at 51,950-52,000 / 52,350,” said Tejas Shah, Technical Research, JM Financial & BlinkX.

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