GIFT Nifty indicated that Indian equity indices BSE Sensex and NSE Nifty 50 might see a muted opening on Tuesday. Here is all you need to know before the market opens.
GIFT Nifty was down 34 points, or 0.14%, at 25,037 indicating a negative start for the domestic indices NSE Nifty 50 and BSE Sensex on Tuesday. Previously, on Monday, the NSE Nifty 50 closed 187 points or 0.76% higher to settle at 25,011, while the BSE Sensex rose 612 points or 0.75% to finish at 81,698.
Key things to know before share market opens on August 27, 2024
Wall Street
US markets closed on a mixed note on Monday with Dow Jones closing at a record high. The index added 65.44 points, or 0.16%, to end at 41,240.52. The broader market index, the S&P 500, closed 0.32% lower at 5,616.84. Similarly, the tech-heavy Nasdaq Composite slumped 0.85% to settle at 17,725.76.
US Dollar
The US Dollar Index (DXY), which measures the dollar’s value against a basket of six foreign currencies, was trading up 0.23% at 100.92 on Tuesday morning.
Crude Oil
WTI crude prices were trading at $77.09 down by 0.44%, while Brent crude prices were trading at $81.21 down by 0.28%, on Tuesday morning.
Asian Markets
Tracking the overnight US market, on Tuesday morning, Asian markets were trading in mixed territory. Japan’s Nikkei 225 was down 0.18% to 38,042.36. The Korean index Kospi was down 0.34% at 2,688.88. However, the Asia Dow was trading 0.18% higher at 3,534.08. The benchmark Chinese index Shanghai Composite was flat at 2,855.52.
FII, DII Data
Foreign institutional investors (FII) bought shares net worth Rs 483.36 crore. Meanwhile, domestic institutional investors (DII) bought shares net worth Rs 1,870.22 crore on August 26, 2024, according to the provisional data available on the NSE.
F&O Ban
Aarti Industries, Aditya Birla Fashion and Retail, Balrampur Chini Mills, Birlasoft, Chambal Fertilisers and Chemicals, Indian Energy Exchange, India Cements, and RBL Bank to remain in F&O Ban today on August 27.
Expert’s View
“The Nifty’s previous all-time high is near 25,080 levels, which will act as an immediate hurdle in the short term. If the index sustains above the 25,080-25,100 levels, the rally could extend towards the 25,300-25,500 levels. On the downside, the 9-day Exponential Moving Average (DEMA), positioned near 24,700, will act as immediate support for the Nifty in the short term. As long as the index holds above 24,700, a “buy on dips” strategy should be employed,” said Hrishikesh Yedve, Assistant Vice President of Technical and Derivatives Research at Asit C. Mehta Investment Interrmediates.
Bank Nifty Outlook
“On Monday, the Bank Nifty witnessed an upmove, however, it was subdued as it was not able to surpass the initial hour during the day. The pullback is facing stiff resistance at the downward sloping trend line on the daily charts which is placed around 51200 levels. The upmove can continue till 50650 is not breached on the downside and should be kept as a stoploss from a short-term perspective,” said Jatin Gedia, Technical Research Analyst at Sharekhan by BNP Paribas.
