Will Nifty reclaim 18700 or give up gains- See SGX Nifty, FII data, US shares, crude, more before market opens

Will Nifty reclaim 18700 or give up gains? See SGX Nifty, FII data, US shares, crude, more before market opens

The SGX Nifty recorded a 0.12% gain during Tuesday’s early trading session, with a value of 18,725 indicating a positive opening for domestic indices NSE Nifty 50 and BSE Sensex. Benchmark indices NSE Nifty 50 and BSE Sensex ended Monday’s session mostly flat. The Nifty 50 rose 25.70 points or 0.14% to 18,691.20 and BSE Sensex dipped 9 points to settle at 62,970.

“The global market exhibited a negative bias as concerns regarding economic growth emerged in light of the political instability in Russia. This instability led to an increase in oil prices, driven by worries over potential supply disruptions, given Russia’s status as one of the largest oil producers. On the domestic front, the market experienced limited downside as the pharma and auto sectors provided support. Additionally, mid and small-cap stocks were seen recovering their positions following a recent sell-off, indicating a regained investor confidence in these segments,” said Vinod Nair, Head of Research at Geojit Financial Services.

Asian Markets

Shares in the Asia-Pacific region were trading in the mixed on Tuesday. China’s Shanghai Composite gained 0.61% in trade, while Japan’s Nikkei 225 fell 0.79%. Hong Kong’s Hang Seng index soared 1.47% while South Korea’s Kospi was higher by 0.11%. The Taiwan Weighted index recorded a loss of 0.21%.

Crude Oil

Oil prices edged higher for a second consecutive session on Tuesday, as worries about political instability in Russia and potential supply disruptions counter-balanced concerns about global demand.

FII/DII Data

Foreign institutional investors (FII) net offloaded shares worth net Rs 409.43 crore, while domestic institutional investors (DII) net bought shares worth net Rs 250.12 crore on June 26, according to the provisional data available on the NSE.

F&O Ban

The National Stock Exchange has RBL Bank and Hindustan Copper on its F&O ban list for 27 June. 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.

Bank Nifty Outlook

“The Bank Nifty index witnessed an ongoing battle between the bulls and bears throughout the week. It has support at the 43400 level, while the resistance is observed at 44000, where the highest call writing is visible. If the index breaks down below the 43400 level, it may experience further correction toward the 42000 mark,” said Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities.

Technical View

“The said 20 day EMA has been active in the last couple of months and minor upside bounce could be expected in the short term. However, any weakness below this support at 18650 levels is likely to bring the next round of weakness in the market. Immediate resistance is placed at 18760 levels,” said Nagaraj Shetti, Technical Research Analyst, HDFC Securities.