Nifty ends a six-day winning run; will it maintain 22,000 or is more decline predicted? Before the market opens, see the GIFT Nifty, FII statistics, F&O ban, crude, and more

The Indian market indexes BSE Sensex and NSE Nifty 50 might open higher on Thursday, according to GIFT Nifty. Before the market begins, make sure you know this information.

GIFT Nifty opened higher on Thursday, up 33.50 points, or 0.15%, to 22,081.50, signaling a strong start for the national indexes NSE Nifty 50 and BSE Sensex. Earlier on Wednesday, the BSE Sensex fell by 434.31 points, or 0.59%, to 72,623.09, while the NSE Nifty 50 finished down by 141.90 points, or 0.64%, to land at 22,055.05.

According to Vinod Nair, Head of Research at Geojit Financial Services, “the Indian market is facing stiff resistance at higher levels; the valuation of a broader index is at a significant premium, leading to an unfavorable risk reward, which influences investors to book profits.”

Nair continued, saying that although Chinese markets were boosted by policy actions, global markets moved carefully in anticipation of the US Federal Reserve’s minutes. Because investors were placing a lot of money on a US Federal Reserve rate drop, which is jeopardized by January’s higher-than-expected inflation, worries persisted.

Important things to be aware of before Wall Street’s share market opens on February 22, 2024

According to Bloomberg, Wall Street traders held back on US equities in anticipation of Nvidia Corp.’s earnings. Nvidia is the massive chipmaker at the center of the artificial intelligence craze that has driven the bull market. At 15,542.87, the tech-heavy Nasdaq Composite finished down by 87.91 points, or 0.56%. The Dow Jones Industrial Average finished down by 27.76 points, or 0.07%, at 38,536.04, while the S&P 500 fell by 6.64 points, or 0.14%, at 4,968.77.

US Dollar
The US dollar index, or DXY, was down 0.07% at 103.94, representing the value of the dollar relative to a basket of six international currencies.

Basic Petroleum
On Thursday morning, the price of WTI oil is up 0.32% at $78.16, while the price of Brent crude is up 0.29% at $83.27.

Asian Markets: On Thursday morning, shares in the Asia-Pacific area are trading higher. The benchmark Chinese index Shanghai Composite is up 0.97%, the Hong Kong stock exchange’s Hang Seng index closed 1.57% higher, Japan’s Nikkei 225 is up 1.16%, and the Asia Dow is up 0.10%.

FII and DII Information
According to preliminary data available on the NSE, on February 21, 2023, domestic institutional investors (DII) sold shares worth net Rs 411.6 crore, while foreign institutional investors (FII) purchased shares worth net Rs 284.7 crore.

Ban F&O
On February 22, 2024, Ashok Leyland, Balrampur Chini Mills, Bandhan Bank, Biocon, Canara Bank, GMR Infra, GNFC, Hindustan Copper, India Cement, Indus Tower, National Aluminium, Piramal Enterprise, PVR Inox, RBL Bank, and Zee Entertainment Enterprise were listed on the NSE.

Technical Perspective

Observing the Nifty Technical Outlook The Nifty has created a bearish engulfing pattern on the daily chart, suggesting a possible stop in the current advance, according to Rupak De, Senior Technical Analyst at LKP Securities. The RSI momentum indicator is displaying a bearish crossing, indicating impending weakness. The index might go towards 21,700 if there is a significant decline below the critical support level of 22,,000. Resistance is located at 22,160 on the upswing.

Bank Nifty Prospects
During the weekly expiration, the BankNifty index had a tumultuous trading session and ran into resistance in the 47300 levels. The index is now limited in its ability to rise until it crosses the 47300 threshold, as it is trapped in a wide range between 46500 and 47500. The index may be pushed towards 46500 by selling pressure if the immediate support level of 46800 is breached, according to Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities.