Indian benchmark indices are likely to open in the red, hinted SGX Nifty on Friday. On the Singapore Exchange, Nifty futures were trading 0.5% lower at 17841 level. In the previous session, S&P BSE Sensex rose 142 pts to 60,806, while NSE Nifty 50 climbed 22 pts to 17,893. “Nifty’s technical landscape looked bullish and the benchmark index can aim to reclaim the psychological 18,000 mark – probably in today’s trade. Technically, markets may stay bullish as long as Nifty holds above its make-or-break support at 17551 mark. The immediate goal post is seen at 18000 mark with aggressive targets at the psychological 18300 mark,” said Prashanth Tapse – Research Analyst, Senior VP (Research), Mehta Equities Ltd.
Key things to know before share market opens
Global market watch: Asia-Pacific markets traded mixed on Friday, following moves on Wall Street as China’s inflation data came in lower than expected. The Shanghai Composite fell 0.18% and the Shenzhen Component shed 0.13%. Hong Kong’s Hang Seng index also shed 0.5%. Japan’s Nikkei 225 rose 0.76%, while South Korea’s Kospi fell 0.86%. Overnight in the US, stock indices ended lower. Dow Jones fell 0.73%, the S&P 500 lost 0.88%, and Nasdaq dropped 1.02%.
Nifty technical view: “A small positive candle was formed on the daily chart with long lower shadow. Technically, this pattern indicates a breather movement in the market post sharp upside bounce of previous session. We observe positive pattern like higher highs and higher lows action was formed and the Nifty is now making an attempt to move into new higher high. The crucial area of 17800 has been held on the upside in the last two sessions and this market action signal possibility of upmove towards 18050 and next 18200 levels in the near term. Immediate support is placed at 17750-17800 levels,” said Nagaraj Shetti, Technical Research Analyst, HDFC Securities.
Key levels to watch: “Nifty may find support around 17750 levels, while on the upside 18050 followed by 18100 may act as an immediate resistance. On the other hand, Bank Nifty has support at 41000 levels while resistance is placed at 42200. Investors can add good quality stocks from Auto, FMCG and IT sectors; while traders are suggested for buy on dip strategy,” said Om Mehra, Equity Research Analyst, Choice Broking.
FII and DII data: Foreign institutional investors (FII) sold shares worth Rs 144.73 crore, while domestic institutional investors (DII) offloaded shares worth Rs 205.25 crore on 9 February, according to the provisional data available on the NSE.
Stocks under F&O ban on NSE: The National Stock Exchange has Ambuja Cements and Indiabulls Housing Finance stocks on its F&O ban list for 10 February. According to the NSE, the stocks mentioned above are prohibited in the F&O sector because 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.
Q3 Results today: Mahindra and Mahindra, ABB India, PB Fintech, Abbott India, Alkem Laboratories, Ashoka Buildcon, Astrazeneca Pharma, BEML, BHEL, Dilip Buildcon, Delhivery, EIH, Glenmark Pharmaceuticals, JK Lakshmi Cement, KFin Technologies, Lemon Tree Hotels, Metropolis Healthcare, NALCO, Info Edge India, and Oil India to report quarterly earnings on 10 February.
Crude oil slips: Oil prices fell in early trade on Friday but were headed for a weekly gain with the market continuing to seesaw between fears of a recession hitting the United States and hopes for strong fuel demand recovery in China, the world’s top oil importer. Brent crude futures fell 28 cents, or 0.3%, to $84.22 a barrel by 0117 GMT, while U.S. West Texas Intermediate (WTI) crude futures fell 35 cents, or 0.5%, to $77.71.