GIFT Nifty indicated that Indian equity indices BSE Sensex and NSE Nifty 50 may see a negative opening on Tuesday after rising for four consecutive trading sessions. Here is all you need to know before the market opens.
GIFT Nifty was 39 points or 0.17% lower at 22,609 indicating a negative start for the domestic indices NSE Nifty 50 and BSE Sensex on Tuesday. Previously, on Saturday, the NSE Nifty 50 gained 36 points or 0.16% to finish at 22,502, while the BSE Sensex inched up 89 points or 0.12% to finish at 74,006.
Key things to know before share market opens on May 21, 2024
Wall Street
The Wall Street or US market rose as technology stocks saw a rally ahead of Nvidia’s highly anticipated earnings and the timing of rate cuts being gauged. The tech-heavy index Nasdaq Composite gained 108.91 points or 0.65% to settle at 16,794.87. The S&P 500 advanced 0.09% to settle the session at 5,308.13. However, the Dow Jones Industrial Average fell 196.82 points or 0.49% to 39,806.77 owing to a 4.5% dip in the stock of JPMorgan as its CEO said he was “cautiously pessimistic”.
US Dollar
The US Dollar Index (DXY), which measures the dollar’s value against a basket of six foreign currencies, traded higher, 0.01% at 104.62.
Crude Oil
WTI crude prices were trading at $79.26 down by 0.68%, while Brent crude prices were trading at $83.68 down by 0.04%, on Tuesday morning.
Asian Markets
Asian markets were trading in mixed following the overnight US market. Japan’s Nikkei 225 was up 0.26% trading at 39,169.57. The Asia Dow was trading 0.17% lower at 3,469.85. Hang Seng fell 0.83% to trade at 19,474. The benchmark Chinese index Shanghai Composite was down 0.20% trading at 3,165.
FII, DII Data
Foreign institutional investors (FII) sold shares net worth Rs 92.95 crore. Similarly, domestic institutional investors (DII) sold shares net worth Rs 152.87 crore on May 18, 2024, according to the provisional data available on the NSE.
Technical View
“The Nifty remains within the channel, closing above 22,500 for the first time in several days. However, a small bodied candle on the daily chart suggests very little about the future direction of the price. Additionally, heavy writing is visible in both CALL and PUT at the 22,500 strike, indicating a sense of inflection. Therefore, traders need to be watchful in the initial hour to confirm any directional move. Support is visible at 22,400. On the higher end, a sustained move can take the index towards 22,600 and higher in the short term,” Rupak De, Senior Technical Analyst at LKP Securities.