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Will Nifty end March series above 22,200 mark or see a further downfall- See GIFT Nifty, FII data, F&O ban, crude, more before market opens

GIFT Nifty indicated that Indian equity indices BSE Sensex and NSE Nifty 50 may see a positive opening on Thursday. Here is all you need to know before the market opens.

GIFT Nifty traded up by 33 points or 0.15% at 22,214 indicating a positive opening for domestic indices NSE Nifty 50 and BSE Sensex on Thursday. Previously, on Wednesday, the NSE Nifty 50 ended up by 118.95 points or 0.54% to settle at 22,123.65, while the BSE gained 526.02 points or 0.73% to 72,996.31.

“Market showed strength amid mixed cues and gained over half a percent.  After the gap-up start, Nifty inched gradually higher for most of the session however profit taking in the final hour trimmed the gains. Eventually, it settled at 22,159 levels; up by 0.5%. Meanwhile, a mixed trend continued on the sectoral front wherein energy and auto performed well while IT and FMCG closed in the red. The broader indices also witnessed a similar trend wherein smallcap gained over a percent while midcap closed flat,” said  Ajit Mishra, SVP – Technical Research, Religare Broking Ltd.

Will Nifty trade above 24,800, or will it experience profit booking? See GIFT Nifty, FII data, F&O ban, crude, more before market opens
Will Nifty trade above 24,800 ahead of weekly expiry? See GIFT Nifty, FII data, F&O ban, crude, more before market opens
Will Nifty scale up to 24,500 or see profit booking from higher levels? See GIFT Nifty, FII data, F&O ban, crude, more before market opens
Will Nifty break the losing streak and bounce back to 24,500? See GIFT Nifty, FII data, F&O ban, crude, more before market opens
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Mishra also added that, Nifty has finally surpassed the hurdle of short term moving average i.e. 20 DEMA but we need sustainability above 22,200 to extend the rebound. Also, since the volatility is still high across the board, traders should remain focused on stock selection and risk management. 

Key things to know before share market opens on March 28, 2024

Wall Street

A renewed bout of volatility gripped U.S. stocks in the final stretch of a quarter that saw the market surge almost 10%, with many institutional investors potentially rebalancing their portfolios, Bloomberg reported. The tech-heavy Nasdaq Composite ended up by 83.82 points or 0.51% at 16,399.52. The S&P 500 gained by 44.91 points or 0.86% at 5,248.49, while the Dow Jones Industrial Average ended higher by 477.75 points or 1.22% at 39,760.08.

US Dollar 

The US Dollar Index (DXY), which measures the value of the dollar against a basket of six foreign currencies, traded up by 0.10% at 104.45.

Crude Oil 

WTI crude prices are trading at $81.74 up by 0.48%, while Brent crude prices are trading at $85.68 up by 0.32%, on Thursday morning.

Asian Markets

Shares in the Asia-Pacific region are trading in negative territory on Thursday morning. The Asia Dow is trading down by 0.02%, where as the Japan’s Nikkei 225 is trading in red, down by 0.92%, Hong Kong’s Hang Seng index is ended lower by 1.36% and the benchmark Chinese index Shanghai Composite is ended down by 1.26%.

FII, DII Data

Foreign institutional investors (FII) mopped shares worth net Rs 2,170 crore, while domestic institutional investors (DII) bought shares worth net Rs 1198 crore on March 27, 2024, according to the provisional data available on the NSE.

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F&O Ban

The NSE has added Hindustan Copper, and Zee Entertainment in F&O on March 28, 2024.

Technical View

Commenting on the Technical outlook of Nifty Rupak De, Senior Technical Analyst, LKP Securities, said Nifty remained strong following an opening with a gain. During the day, it moved up above 22,100 and closed above it as well. The short-term momentum appears positive, supported by a crossover in the RSI (14) indicator. The trend is likely to remain positive as long as it stays above 22,000. On the higher end, it could potentially move towards 22,300 and beyond in the short term.

Bank Nifty Outlook

“The Bank Nifty experienced a sideways trading session, marked by consolidation, but towards the end, bullish momentum prevailed. Despite this consolidation, the index closed just below its 20-day moving average (20DMA), positioned at 46,950. A decisive break above this level is anticipated to trigger sharp short-covering moves towards the 48,000 mark. However, the index finds support around the 46,500-46,400 zone, and a breach below this level could lead to increased selling pressure,” said Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities.

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