Will the Nifty consolidate or will it go on with its relief run, closing over 22,500? 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 Tuesday, according to GIFT Nifty. Before the market begins, make sure you know this information.

GIFT Nifty opened higher on Tuesday, rising 73.50 points, or 0.33%, to 22.458, signaling a strong start for the local indexes NSE Nifty 50 and BSE Sensex. Earlier on Monday, the BSE surged 560.29 points, or 0.77%, to 73,648.62, while the NSE Nifty 50 closed up 189.40 points, or 0.86%, to conclude at 22,336.50.

“Markets continued their upward trend from Friday, strengthening their recovery and gaining about a percent. For the most of the day, a range bound was followed by an optimistic start brought on by firm global signals. But investing in a few heavyweights in the last hour increased the profits much more. It eventually leveled out at 22,336.40, the day’s high. The shift was made possible by all of the major industries, with the main gainers being FMCG, banking, and automobiles. The wider indexes followed suit, rising between 1% and 1.4%, according to Ajit Mishra, SVP of Technical Research at Religare Broking Ltd.

Mishra continued, saying that while earnings are now showing conflicting signs, participants are finding solace in the steadiness of the global economy. In terms of the index, Nifty has recovered its 20-day moving average (DEMA), but maintaining this level of support is necessary to go closer to the record high. Traders should remain focused on choosing stocks and maintain a hedged strategy despite everything.

Important information to be aware of before to Wall Street’s opening on April 23, 2024

U.S. stocks rose on Monday as Corporate America began the busiest week for first-quarter results, which will have a significant impact on how the market is expected to perform, according to Bloomberg. The tech-heavy Nasdaq Composite closed at 15,434.90, up 152.89 points, or 1%. The Dow Jones Industrial Average closed up by 253.58 points, or 0.57%, at 38,239.98, while the S&P 500 gained 39.48 points, or 0.78%, at 5,006.71.

US Dollar
With a 0.03% decrease, the US Dollar Index (DXY), which compares the value of the dollar to a basket of six international currencies, was trading at 106.09.

Basic Petroleum
Tuesday morning saw a 0.12% increase in Brent oil prices to $87.39 and a 0.15% increase in WTI crude prices to $82.34.

Asian Markets: On Tuesday morning, shares in the Asia-Pacific area are trading higher. The Asia Dow is up 1.60%, while the Nikkei 225 in Japan is up 0.45%, the Hang Seng index in Hong Kong closed higher by 1.99%, and the Shanghai Composite, the benchmark Chinese market, closed down by 0.67%.

FII and DII Information
According to preliminary data available on the NSE, on April 22, 2024, domestic institutional investors (DII) purchased shares worth net Rs 3542.9 crore, while foreign institutional investors (FII) offloaded shares worth net Rs 2,915.2 crore.

Ban F&O
On April 23, 2024, the NSE expanded its F&O to include Biocon, Hindustan Copper, Idea, Piramal Enterprises, SAIL, and Zee Entertainment Enterprise.

Technical Perspective
Observing the Nifty Technical Outlook Bulls were in control of the market, according to Rupak De, Senior Technical Analyst at LKP Securities, as the Nifty increased for a second straight day. Once the trend recovered a crucial near-term moving average, it began to turn positive. As long as sentiment holds over 22,150, bulls should continue to benefit. There is a chance that the index may rise to 22,600–22,700. On the other hand, a decline below 22,150 may cause the index to consolidate.

Bank Nifty Prospects
The Bank Nifty index showed persistent positive vigor as follow-through purchasing from lower levels was seen. At now, it is getting close to a critical resistance level of 48000, which is indicated by the maximum open interest on the call side. More short covering actions are expected in response to a clear break above this level. According to Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities, “immediate support lies at 47600-47500 levels, suggesting that any dip towards this support zone could present a buying opportunity.”