Nifty to tank below 17650 or bulls to pull index above 18000? 9 things to know before stock market opening bell | The Financial Express

Nifty to tank below 17650 or bulls to pull index above 18000? 9 things to know before market opening bell

Nifty, Sensex stare at a positive start as SGX Nifty is up in green with Nifty futures trading around 18090 level on the Singapore Exchange. Here are 9 key things you need to know before share market opens

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Nifty on breaching the recent lows of 17779 could head towards 17429 while 18105 could act as a resistance in the near term

Indian benchmark indices are likely to open in green amid positive global cues, hinted SGX Nifty. Ahead of the trading session. Nifty futures were up at around 18090 level on the Singapore Exchange. In the previous session, BSE Sensex tanked 453 pts to 59,900 and NSE Nifty50 dropped 133 pts to 17,860. “The onset of Q3 earnings from this week could provide fresh direction to the market. Overall, the expectation is running high and any disappointment could cause profit booking in the market. IT sector is likely to remain in limelight as tech majors will announce their results starting with TCS on Monday,” said Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services.

Key things to know before share market opens

Global market watch: Asia-Pacific markets traded higher as Hong Kong and mainland China resumed quarantine-free travel over the weekend, signaling the end of zero-Covid policy which kept borders effectively closed for nearly three years. Hong Kong’s Hang Seng index gained 1.45%. In mainland China, the Shanghai Composite rose 0.32%. South Korea’s Kospi rose 2.06%. Japan’s Nikkei was closed for a holiday but futures were trading higher. Wall Street’s main indices gained more than 2% on Friday after December payrolls expanded more than expected, easing worries about US Fed’s interest rate hiking path. The Dow Jones Industrial Average rose 2.13%; the S&P 500 gained 2.28%, and the Nasdaq Composite added 2.56%.

Nifty technical view: “Technically, on daily and intraday charts the Nifty has formed lower top formation and it is consistently trading below the 50 and 20-day SMA (Simple Moving Averages) which is broadly negative. However, the market is now in oversold territory, there is a strong possibility of a quick pullback rally. For bulls, 18000 would be the immediate hurdle and below the same, the index could slip to 17750. Further correction may drag down the index to 17650. On the other side, if the index moves above 18000 it could move up to 18100-18175 levels.”,” said Amol Athawale, Deputy Vice President – Technical Research at Kotak Securities.

Levels to watch: Nifty on breaching the recent lows of 17779 could head towards 17429 while 18105 could act as a resistance in the near term, said Deepak Jasani, Head of Retail Research, HDFC Securities. On the other hand, Bank Nifty has support at 41900 levels while resistance is placed at 42700, according to Ameya Ranadive, Equity Research Analyst, Choice Broking.

FII and DII data: Foreign institutional investors (FII) net sold shares worth Rs 2,902.46 crore, while domestic institutional investors (DII) net bought shares worth Rs 1,083.17 crore on 6 January, according to the provisional data available on the NSE.

Stocks under F&O ban on NSE: The National Stock Exchange has kept Indiabulls Housing Finance under its F&O ban list for 9 January. Securities thus banned under the F&O segment include companies where derivative contracts have crossed 95% of the market-wide position limit.

Govt pegs FY23 GDP growth at 7%: India’s GDP is estimated to grow by 7% in 2022-23, the statistics ministry said. In financial year 2021-22, the GDP had grown by 8.7%. The country’s nominal GDP growth for FY23 is estimated at 15.4% versus 19.5% in FY22, the ministry said. The gross value added (GVS) growth for FY23 is estimated at 6.7% compared to 8.1% in FY22. “Real GDP or GDP at Constant (2011-12) prices in the year 2022-23 is estimated at Rs 157.60 lakh crore, as against the Provisional Estimate of GDP for the year 2021-22 of Rs 147.36 lakh crore, released on May 31, 2022,” the ministry noted.

TCS Q3 earnings: IT bellwether TCS will announce its Q3 results today. Company’s consolidated revenue is likely to grow 16.4% on-year, while consolidated profit after tax (PAT) is expected to increase 15.1% on-year, according to brokerages. Among key things to watch out for will also be TCS’ third interim dividend announcement. TCS has already announced that the board of directors will consider the third interim dividend for FY23 on 9 January. It has fixed 17 January as the record date to determine eligible shareholders for the dividend.

Crude Oil prices rise: Oil prices edged up on Monday, a day after travellers streamed into China following a reopening of borders that lifted the fuel demand outlook and partly offset concerns of global recession. Brent crude futures had risen 53 cents, or 0.7%, to $79.10 a barrel by 0114 GMT while U.S. West Texas Intermediate crude was at $74.23 a barrel, up 46 cents, or 0.6%.

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First published on: 09-01-2023 at 07:54 IST