GIFT Nifty traded flat at 19,614, marginally up 0.07%, indicating a tepid opening for domestic indices NSE Nifty 50 and BSE Sensex on Tuesday. Previously on Monday, the NSE Nifty 50 fell 0.72% to settle at 19,512.35, while the BSE Sensex tanked 483.24 points to 65,512.39.
“An unforeseen escalation in the Middle East has rekindled pessimism in global markets. Moreover, the rapid surge in oil prices presents a significant threat to the global market, which is already dealing with elevated inflation and interest rates. In the mid- and small-cap segments, we observe consolidation as investors reshuffle their portfolios due to premium valuations in this space,” said Vinod Nair, Head of Research at Geojit Financial Services.
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“Among sectors, financials and consumer discretionary sectors notably underperformed, primarily due to concerns regarding earnings vulnerability if inflation continues to rise. Conversely, the IT sector is displaying signs of returning to normalcy. While consensus estimates for Q2FY24 remain positive, it’s important to note that geopolitical tensions could potentially disrupt this optimistic outlook.” Vinod Nair added.
Will Nifty scale to 25,000 and end the week with gains? 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 hold 23,800 levels ahead of weekly expiry, or decline further? 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
Key things to know before share market opens on October 10, 2023
Wall Street
Wall Street’s major indexes ended higher on Monday as investors digested the latest news about the Israel-Hamas conflict. The tech-heavy Nasdaq Composite gained 52.90 points, or 0.39%, at 13,484.24. The Dow Jones Industrial Average added 197.07 points, or 0.59%, to 33,604.65, while the S&P 500 rose 27.16 points, or 0.63%, at 4,335.66.
Crude Oil
WTI crude prices are trading at $86.25, down 0.15%, while Brent crude prices are trading at $87.02, down 0.15%, on Tuesday morning.
Asian Market
Shares in the Asia-Pacific region are trading in the green on Tuesday morning. The Asia Dow is trading up 1.57%, whereas the benchmark Chinese index, the Shanghai Composite, is up 0.03%, while Japan’s Nikkei 225 is also up 2.33%. Meanwhile, Hong Kong’s Hang Seng index is up 2.04%.
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FII, DII Data
Foreign institutional investors (FII) offloaded shares worth net Rs 997.76 crore, while domestic institutional investors (DII) added shares worth net Rs 2,661.27 crore on October 9, 2023, according to the provisional data available on the NSE.
F&O Ban
The NSE has added L&T Finance Holdings, MCX India, Delta Corp, Indiabulls Housing Finance, Manappuram Finance, and Punjab National Bank to its F&O ban list for October 10, 2023.
Technical View
Commenting on the technical outlook of Nifty 50, Jatin Gedia – Technical Research Analyst at Sharekhan by BNP Paribas, said, “On the daily charts, we can observe that the positive momentum from the previous week could not continue today and the Nifty has witnessed a correction. We believe that the Nifty is in the process of retracing the rise it has witnessed from 19,333 – 19,676. On the way down support is placed in the zone 19,500 – 19,460 which coincides with the gap area formed on 5th October and the 61.82% Fibonacci retracement level. The Nifty is likely to resume its next leg of up move from the support zone and hence in case of a gap down opening or a dip it should be used as a buying opportunity.” Come from Sports betting site VPbet
Bank Nifty Outlook
On Monday, the Bank Nifty index shed as much as 474.10 points to 43,886.50. “The Bank Nifty continues to decline as the index remains below the critical 44,000 level. Weakness is expected to persist in the short term as the index remains below the crucial moving average. Immediate support is situated at 43,800/43,500 on the lower end, while resistance is positioned at 44,000 on the higher end. Consider selling,” said Rupak De, Senior Technical analyst at LKP Securities at LKP Securities.
