Nifty to snap losing streak or fall below 16,900- 7 things to know before share market opening bell
时间:2024-06-26 10:15:56 阅读(143)
Indian benchmark indices are likely to snap their five day losing streak to open in the green, hinted SGX Nifty. On the Singapore Exchange, Nifty futures were trading higher, up by more than 30 points, at the 17,011 level. On Wednesday, markets extended losses for a fifth session, pulled down by negative global cues and the Credit Suisse fall. At close, Nifty was down 71 points, below the 17,000 level while Sensex slid 0.59% to settle at 57,555.
“This is the fifth consecutive day of selling in Indian markets, which has been exacerbated by Credit Suisse’s massive drop, indicating the start of a bear market. Global cues have also been unfavourable to the market, adding to the downward pressure on Indian equities. The market is likely to remain under pressure in the coming days, with 16,800 being the next significant support level for the Nifty index,” said Prashanth Tapse – Research Analyst, Senior VP (Research), Mehta Equities.
The yield on benchmark 10-year Treasury notes fell to 3.4623% from a previous close of 3.636%. The two-year yield, which rises with traders’ expectations of higher Fed fund rates, touched 3.8916% compared with a previous close of 4.225%, according to Reuters.
Asian MarketsStocks in Asia-Pacific traded in red on Thursday. Japan’s Nikkei 225 traded lower by 1.13%, and South Korea’s Kospi traded flat at 0.027% in the negative territory in its first hour of trade. China’s Shanghai Composite and Shenzhen Component traded lower by 0.58% and 0.90%, respectively. Hong Kong’s Hang Seng index added 1.95%.
Crude OilIn commodities, both crude benchmarks hit their lowest since December 2021 and have fallen for three straight days. Brent crude, the global benchmark, settled down $3.76, or 4.9%, at $73.69 a barrel. U.S. West Texas Intermediate crude (WTI) was down $3.72, or 5.2%, at $67.61, breaking through technical levels of $70 and $68 and extending the sell-off.
FII/DII DataForeign institutional investors (FII) net sold shares worth Rs 1,271.25 crore, while domestic institutional investors (DII) net acquired equities worth Rs 1,823.94 crore on 15 March, according to the provisional data available on the NSE.
F&O BanThe National Stock Exchange has GNFC and Indiabulls Housing Finance on its F&O ban list for 16 March. According to the NSE, stocks are prohibited in the F&O sector when they have exceeded 95% of the market-wide position limit (MWPL). During the F&O ban period, no new positions are permitted for F&O contracts in that stock.
Technical View“A long negative candle was formed on the daily chart that has completely overlapped the similar negative candle of the previous session. Technically, this pattern indicates an inability of the market to sustain the gains. Normally, such overlapping candles after a reasonable downward correction hints at a possibility of reversal pattern on the upside post confirmation.
“The short term trend of Nifty continues to be weak. Having moved into the oversold region, there is a possibility of an upside bounce from around 16,900-16,800 levels in the short term. Immediate resistance is at 17,200 levels,” said Nagaraj Shetti, Technical Research Analyst, HDFC Securities.
上一篇:Uddhav Thackeray, Speaker spar as Maharashtra awaits Sena vs Sena case verdict
下一篇:Will Nifty reclaim 20200 or fall in trade- 8 things to know before share market opens
猜你喜欢
- Top 4 global market risks for 2024 that may impact your finances
- Triple IPO Bonanza- Flair Writing, Gandhar Oil Refinery, Fedbank Financial Services open for public subscription; Check key details
- Stocks to buy- Ashok Leyland, United Spirits among top picks for July, shares may rally up to 17%
- Muthoot Finance to raise up to Rs 1,000 crore via NCDs
- Stocks To Watch- Adani Group stocks, Tata Power, Wipro, Engineers India, Deepak Fertilisers, Torrent Power
- Udayshivakumar Infra IPO Day 1- Retail investors bid 0
- The role of advanced track and trace systems in enhancing product safety with automation and AI
- The use of artificial intelligence in combatting financial crimes
- Nifty immediate upside target at 18459, support placed at 18250; Wipro, Avanti Feeds among top stocks to buy