Nifty to surpass 17900 or bears to stage a comeback? 7 things to know before share market opens today

Benchmark indices BSE Sensex, NSE Nifty stare at flat to positive start amid mixed global cues on weekly F&O expiry. Here are 7 things you must know before share market opens.

share market, stock market, nifty 50, bank nifty
Nifty has a strong support around 17550-17650 zone, and resistance in 17900-18000 zone. Bank Nifty has support at 40800-40900, while resistance is placed at 42000-42100 range.

Indian share market is likely to open mildly in green on weekly F&O expiry, hinted SGX Nifty on Thursday. On the Singapore Exchange, Nifty futures were trading marginally higher at 17893 level. In the previous session, BSE Sensex jumped 378 pts to 60,664, while NSE Nifty 50 rose 150 pts to 17,872. “If we have to surpass the sturdy wall of 17900–18000, the banking heavyweights should contribute convincingly. Above which, the market will come out of the recent congestion zone, and we may see good broad-based participation thereafter. The remaining two sessions of the week would be quite crucial as it is likely to dictate the near-term direction for our market,” said Sameet Chavan, Chief Analyst-Technical and Derivatives, Angel One

Key things to know before share market opens

Global market watch: Stocks in the Asia-Pacific traded lower on Thursday, as investors assessed further risks of more rate hikes to come. Japan’s Nikkei 225 fell 0.58%, and South Korea’s Kospi fell 0.56%. However, Chinese markets bucked the trend and opened higher in its first hour of trade, as Hong Kong’s Hang Seng index rose 0.46%, and in mainland China, the Shanghai Composite rose 0.12%. Overnight on Wall Street, all three indexes fell on corporate profit worries The Dow Jones Industrial Average fell 0.61%, the S&P 500 slid 1.11%, and the Nasdaq Composite dropped 1.68%.

Nifty technical view: “Nifty witnessed positive price action throughout the day and closed the day with handsome gains on Wednesday. On the daily charts, we can observe that the Nifty after a two-day consolidation has resumed with its upmove. On the upside the 20-day moving average (17872) is acting as a stiff resistance level. The hourly Bollinger bands have begun to expand and prices are moving along the upper band indicating that the positive momentum is likely to continue. With the daily and hourly momentum indicator having a positive crossover, it is likely to provide speed to the upmove,” said Jatin Gedia, Technical Research Analyst, Sharekhan by BNP Paribas.

Key levels to watch: “Volume profile indicates Nifty has a strong support around 17550-17650 zone. Coming to the OI Data, on the call side, the highest OI observed at 18000 followed by 18100 strike prices while on the put side, the highest OI was at 17600 strike price. On the other hand, Bank Nifty has support at 40800-40900 while resistance is placed at 42000-42100 range,” said Om Mehra, Equity Research Analyst. Choice Broking.

FII and DII data: Foreign institutional investors (FII) net sold shares worth Rs 736.82 crore, while domestic institutional investors (DII) purchased equities worth Rs 941.16 crore on 8 February, according to the provisional data available on the NSE.

Stocks under F&O ban on NSE: The National Stock Exchange has Indiabulls Housing Finance and Ambuja Cements stocks in its F&O ban list for 9 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.

Crude oil prices cool: Oil prices were muted on Thursday as hawkish comments from US Federal Reserve officials supported the dollar and brewed some concerns over more rate hikes, while US crude inventories also logged a seventh straight week of builds. Brent crude oil futures steadied at $85.19 a barrel, while West Texas Intermediate crude futures rose 0.1% to $78.58 a barrel by 20:50 ET (01:50 GMT). Both contracts were up as much as 6% over the past three days, and were trading near two-week highs.

Q3 results today: Hindalco Industries, Hindustan Petroleum Corporation (HPCL), Life Insurance Corporation of India (LIC), Lupin, Zomato, Adani Total Gas, Aurobindo Pharma, Bajaj Consumer Care, Bombay Dyeing & Manufacturing Company, Devyani International, Force Motors, General Insurance Corporation of India, Greaves Cotton, Hindustan Aeronautics (HAL), Indian Railway Catering and Tourism Corporation, Jet Airways, Kalpataru Power Transmission, MRF, Natco Pharma, Page Industries, Pfizer, Sapphire Foods India, Suzlon Energy, United Breweries, Ujjivan Financial Services, and Voltas will be in focus ahead of quarterly earnings on 9 February.

Get live Share Market updates and latest India News and business news on Financial Express. Download Financial Express App for latest business news.

First published on: 09-02-2023 at 07:51 IST