Will Nifty continue to trade above 19000 or slip in trade- See GIFT Nifty, FII data, crude, more before market opens

Will Nifty continue to trade above 19000 or slip in trade? See GIFT Nifty, FII data, crude, more before market opens

GIFT Nifty traded flat at 19,218 down merely 7.5 points or 0.04%, indicating a tepid opening for domestic indices NSE Nifty 50 and BSE Sensex on Tuesday. Previously on Monday, the NSE Nifty 50 soared 93.65 points or 0.49% to settle at 19,140.90, while the BSE Sensex climbed 329.85 points or 0.52% to 64,112.65.

“Markets extended rebound and gained nearly half a percent, in continuation to Friday’s move. After the initial fall, Nifty gradually inched higher as the session progressed and settled around the day’s high at 19,140.90 level. Meanwhile, the rebound in select heavyweights, especially from the energy and banking space, contributed the maximum while the broader indices closed almost unchanged,” said Ajit Mishra, SVP – Technical Research, Religare Broking.

Key things to know before share market opens on October 31, 2023Wall Street

Wall Street rallied on Monday, kicking off what promises to be a hectic week that includes a heavy earnings docket, economic data and the Federal Reserve’s two-day monetary policy meeting, reported Reuters.

The tech-heavy Nasdaq Composite surged 146.47 points or 1.16% to 12,789.48. The S&P 500 added 49.45 points or 1.20% to 4,166.82, while the Dow Jones Industrial Average climbed 511.37 points or 1.58% to 32,928.96.

US Dollar

The US Dollar Index (DXY), which measures the value of the dollar against a basket of six foreign currencies, traded up 0.13% at 106.26.

Crude Oil

WTI crude prices are trading at $82.69 up 0.44%, while Brent crude prices are trading at $88.14 up 0.79%, on Tuesday morning.

Asian Market

Shares in the Asia-Pacific region are trading in red on Tuesday morning. The Asia Dow is trading down 0.21%, Japan’s Nikkei 225 is down 0.21% and the benchmark Chinese index, the Shanghai Composite is down 0.78%. Meanwhile, Hong Kong’s Hang Seng index is also trading down 0.78%.

FII, DII Data

Foreign institutional investors (FII) offloaded shares worth net Rs 1,761.86 crore, while domestic institutional investors (DII) added shares worth net Rs 1,328.47 crore on October 30, 2023, according to the provisional data available on the NSE.

Technical View

Commenting on the technical view of the Nifty 50, Jatin Gedia – Technical Research Analyst at Sharekhan by BNP Paribas, said, “On the daily charts we can observe that the Nifty has been in a pullback mode since last couple of trading sessions and is now approaching crucial resistance zone of 19,160 – 19,220 where resistance in the form of the hourly upper Bollinger band and the 40 hour exponential moving average is placed. Hence it is advisable to be cautious with the longs. On the downside a breach below 18,940 can lead to start the next leg of the fall. In terms of levels, 19,180 – 19,220 shall act as a support zone while 18,950 – 18,930 shall act as an immediate support zone.”

Bank Nifty Outlook

The Bank Nifty index added 257.15 points or 0.60% to settle at 43,039.15 on Monday. “Bank Nifty witnessed a sharp recovery today after breaking yesterday’s low. If it can maintain levels above 43,000, there is potential for further gains in the range of 43,500-43,800. This resurgence signals a positive trend in the trading session. The immediate support for Bank Nifty is 42,800 While Bank Nifty can face resistance at 43,500 levels,” said Kunal Shah, Senior Technical & Derivative analyst at LKP Securities.