GIFT Nifty indicated that Indian equity indices BSE Sensex and NSE Nifty 50 might see a gap up opening on Tuesday. Here is all you need to know before the market opens.
GIFT Nifty was up 37 points, or 0.15%, at 24,242 indicating a higher start for the domestic indices NSE Nifty 50 and BSE Sensex on Tuesday. Previously, on Monday, the NSE Nifty 50 closed 131 points or 0.55% higher to finish at 24,142, while the BSE Sensex jumped 443 points or 0.56% to finish at 79,476.
Key things to know before share market opens on July 02, 2024
Wall Street
The Wall Street or US markets kickstarted the second half of 2024 on a higher note. The Nasdaq closed at a record high buoyed by the tech giants like Apple, Microsoft, and Nvidia. The broader market index, the S&P 500, advanced 0.27% to close at 5,475. Similarly, the tech-heavy Nasdaq Composite rose 0.83% to settle at 17,879. Following the trend, the Dow Jones Industrial Average inched up 50.66 points, or 0.13%, to end at 39,169.52.
US Dollar
The US Dollar Index (DXY), which measures the dollar’s value against a basket of six foreign currencies, was trading up 0.04% at 105.89 on Tuesday morning.
Crude Oil
WTI crude prices were trading at $83.43 up by 0.09%, while Brent crude prices were trading at $86.67 up by 0.02%, on Tuesday morning.
Asian Markets
Following the record gains in the overnight US market, Asian markets inched mostly higher on Tuesday morning. Japan’s Nikkei 225 was trading up 0.29% at 39,747. The Korean index Kospi was down 0.78% at 2,782.50. The Asia Dow was trading 0.23% higher at 3,595. Hang Seng was flat at 17,719. The benchmark Chinese index Shanghai Composite was also flat at 2,995.
FII, DII Data
Foreign institutional investors (FII) sold shares net worth Rs 426.03 crore. However, domestic institutional investors (DII) bought shares net worth Rs 3,917.43 crore on June 28, 2024, according to the provisional data available on the NSE.
Technical View
“On the daily charts, we can observe that the Nifty has been consolidating after a rally of 800 points. The hourly momentum indicator has a negative crossover and hence we expect the consolidation to continue over the next few trading sessions. The range of consolidation is likely to be 24000 – 24200. The ideal strategy to trade such a consolidation would be to buy on decline near support zone 24080 – 24000,” said Jatin Gedia, Technical Research Analyst at Sharekhan by BNP Paribas.
Bank Nifty Outlook
On Monday, Bank Nifty recovered after falling for the last two sessions. “It found buying interest from the 40-hour moving average (52280). Going ahead, we expect Bank Nifty to consolidate in the range of 52000 – 53200 from a short-term perspective,” said Gedia.
