Will the Nifty rise over 22,650 or will there be more declines? 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 Monday, according to GIFT Nifty. Before the market begins, make sure you know this information.

 

GIFT Nifty rose 48 points, or 0.21%, to 22,638 on Monday, signaling a bullish start for the BSE Sensex and NSE Nifty 50 domestic indexes. Earlier on Friday, the BSE down 609.28 points, or 0.82%, to 73,730.16, while the NSE Nifty 50 finished down 150.40 points, or 0.67%, at 22,419.35.

Given that both benchmark indexes had increased for five consecutive sessions and that profit-taking was long overdue, the decline was anticipated. According to Prashanth Tapse, Senior VP (Research), Mehta Equities, “Correction is also attributed to global factors after Japanese Yen fell to new 34-year low and disappointing US data pushed its benchmark yields to over 4.7%.”

Moreover, Tapse said that, dimming expectations for a medium-term interest rate reduction. The continuous violence in West Asia may also be the cause of a recent spike in global crude oil prices, which might be detrimental to local inflation.

Stocks rose as a result of a rise in the biggest technological firms in the world, and Wall Street also exhaled with pleasure that the argument for rate reduction this year was not further undermined by the latest economic statistics, according to Bloomberg. The tech-heavy Nasdaq Composite closed at 15,927.90, up 316.14 points, or 2.03%. The Dow Jones Industrial Average closed up by 153.86 points, or 0.40%, at 38,239.66, while the S&P 500 increased by 51.54 points, or 1.02%, at 5,099.96.

US Dollar
The value of the dollar relative to a basket of six foreign currencies is gauged by the US Dollar Index (DXY), which saw a 0.13% decrease in trading at 105.95.

Basic Petroleum
On Monday morning, the price of WTI oil is up 0.57% at $83.24 and the price of Brent oil is up 0.55% at $88.80.

Asian Markets: On Monday morning, shares in the Asia-Pacific area are trading higher. The Asia Dow is up 0.14%, while the Nikkei 225 in Japan is up 0.80%, the Hang Seng index in Hong Kong is up 2.12%, and the Shanghai Composite, the benchmark Chinese index, is up 1.17%.

FII and DII Information
According to preliminary data available on the NSE, on April 26, 2024, domestic institutional investors (DII) purchased shares worth net Rs 4,356.8 crore, while foreign institutional investors (FII) offloaded shares worth net Rs 3,408.9 crore.

Ban F&O
On April 29, 2024, the NSE added Vodafone Idea to F&O.

Technical Perspective
Observing the Nifty Technical Outlook The Nifty was under selling pressure the whole day, according to Rupak De, Senior Technical Analyst at LKP Securities, as the index was unable to hold above the pivotal level of 22500. A heavy cloud cover pattern on the daily chart suggests a possible bearish reversal. The Nifty might continue to decline towards 22000 if it breaks below the immediate support level of 22300. However, the Nifty may encounter technical resistance at the level of 22500.

Bank Nifty Prospects
Even with increased selling pressure, the BankNifty index held its critical support level at 48000. As long as it stays above this level, where a substantial portion of open interest is focused on the put side, the bullish feeling will continue. The immediate barrier is now around 48600, and fresh all-time highs in the index might be possible with a strong advance over this level, according to Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities.