GIFT Nifty indicated that Indian equity indices BSE Sensex and NSE Nifty 50 might see a positive opening on Tuesday. Here is all you need to know before the market opens.
GIFT Nifty was 108 points or 0.46% higher at 23,574.50 indicating a positive start for the domestic indices NSE Nifty 50 and BSE Sensex on Tuesday. Previously, on Monday, the NSE Nifty 50 gained 733 points or 3.25% to finish at 23,264, while the BSE Sensex jumped 2,507 points or 3.39% to finish at 76,469.
Wall Street
The Wall Street or US market closed fell overnight. Also, the New York Stock Exchange saw a technical glitch that affected price quotes for several stocks. The Dow Jones Industrial Average fell 232.43 points or 0.60% to 38,453.89. The S&P 500 dropped 0.11% to 5,271.94. Similarly, the tech-heavy Nasdaq Composite pulled back 0.01% to end at 16,735.01.
US Dollar
The US Dollar Index (DXY), which measures the dollar’s value against a basket of six foreign currencies, traded up, 0.01% at 104.06.
Crude Oil
WTI crude prices were trading at $73.95 down by 0.07%, while Brent crude prices were trading at $78.07 down by 0.07%, on Tuesday morning.
Asian Markets
Asian markets were on a mixed note on Tuesday, with investors awaiting final results of India’s general elections. Japan’s Nikkei 225 was trading down 303 points or 0.78% at 38,620. The Asia Dow was trading 1.11% higher at 3,443.17. Hang Seng was up 1.79% to trade at 18,403.04. The benchmark Chinese index Shanghai Composite was trading flat at 0.01% down to 3,078.30.
FII, DII Data
Foreign institutional investors (FII) bought shares net worth Rs 6,850.76 crore. Similarly, domestic institutional investors (DII) bought shares net worth Rs 1,913.98 crore on June 03, 2024, according to the provisional data available on the NSE.
F&O Ban
The stock of Zee Entertainment Enterprises was on the list of F&O ban on June 04.
Technical View
On Monday, “Nifty witnessed a gap up opening and consolidated with a positive bias to close with gains of 733 points. On the daily charts. we can observe that the Nifty has broken above the previous swing high of 23110 suggesting the start of the next leg of upmove which can extend till 23500 – 23740 from a short-term perspective. The psychological level of 23000 shall be a key support from a short-term perspective. Daily and hourly momentum indicator has a positive crossover which is a buy signal. Thus, both price and momentum indicators suggest a continuation of the rally,” said Jatin Gedia, Technical Research Analyst at Sharekhan by BNP Paribas.
Bank Nifty Outlook
“Bank Nifty has finally hit a new all-time high and we expect the positive momentum to continue. Our short-term target of 51000 has been achieved. The next target is placed at 53960 – 54000 zone as per the Fibonacci extension method. The level of 50000 shall act as crucial support from a short-term perspective,” said Jatin Gedia, Technical Research Analyst at Sharekhan by BNP Paribas.
