Bulls are expected to maintain control on Thursday, and Indian benchmark indices BSE Sensex and NSE Nifty 50 are likely to open higher on monthly F&O expiry. SGX Nifty hinted at a positive start for Dalal Street as Nifty futures traded 84 pts or 0.47% higher at 18340 level. “US market will remain closed on Thursday and remain open for only half day on Friday due to Thanksgiving. Thus, expect global bourses to remain lacklustre. Back home, domestic markets might see some action on back of F&O monthly expiry and macro data to be released globally,” said Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services.
Key things to know before share market opening bell
Global market watch: Wall Street’s main indexes ended higher on Wednesday and markets in the Asia-Pacific traded positive in morning trade today as the US Federal Reserve said it expects to switch to smaller rate hikes. Dow Jones rose 0.28%, S&P 500 gained 0.59%, and Nasdaq added 0.99% overnight. South Korea’s Kospi rose 0.56% and the S&P/ASX 200 in Australia rose 0.35%. Japan’s Nikkei 225 rose 1.34% and the Topix also traded 1.29% higher.
Nifty technical view: “A small negative candle was formed on the daily chart at the highs, which signal an inability of the market to sustain the highs. Technically, this pattern signal a broader range movement for the market within 18400-18100 levels and this movement is likely to continue for the short term. The uptrend status of Nifty as per long-term charts like weekly is still intact and present consolidation or minor weakness in the market could be considered as a buy on dips opportunity,” said Nagaraj Shetti, Technical Research Analyst, HDFC Securities.
Levels to watch for: According to Shetti, as long as the support of 18100-18000 levels is protected, one may expect consolidation movement in Nifty to continue. A decisive move above 18400 levels is likely to open new all-time high of 18600+ levels in the near term. “The market undertone is bullish, and the major trend of the index is on the positive side. Hence any short-term corrections remain as a buying opportunity. Such minor corrections in the upcoming weeks cannot be ruled out. Bank nifty has support at 42000 levels while resistance is placed at 43200,” said Om Mehra, Technical Associate, Choice Broking
IPO Watch: Keystone Realtors, the real estate development company under ‘Rustomjee’ brand, will debut on the BSE and NSE on 24 November. Keystone Realtor shares are unlikely to see a great listing on the back of a muted response to its IPO, underperformance of realty space amid rising interest rates in current financial year, and a bit of expensive valuations, according to experts. Keystone IPO was subscribed just 2.01 times, backed by qualified institutional buyers (QIB) and high networth individuals (HNIs).
FII and DII data: Foreign institutional investors (FIIs) net sold shares worth Rs 789.86 crore, while domestic institutional investors (DIIs) net bought shares worth Rs 413.75 crore on 23 November, according to the provisional data available on the NSE.
Stocks on F&O ban list on NSE: The National Stock Exchange has added Punjab National Bank (PNB) to its F&O ban list for 24 November. Securities banned under the F&O segment include companies where derivative contracts have crossed 95% of the market-wide position limit.
US Fed Minutes: A “substantial majority” of policymakers at the Federal Reserve’s meeting early this month agreed it would “likely soon be appropriate” to slow the pace of interest rate hikes as debate broadened over the implications of the U.S. central bank’s rapid tightening of monetary policy, according to the minutes from the session.