Will the Nifty stabilize around 22,750 or rise higher based on global cues? 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 have a sluggish start on Friday, according to GIFT Nifty. Before the market begins, make sure you know this information.

 

The GIFT Nifty opened at 22,680, up 25 points or 0.11%, suggesting that the BSE Sensex and NSE Nifty 50 had a dull start to the week. Earlier on Thursday, the BSE gained 486.50 points, or 0.66%, to 74,339.44, while the NSE Nifty 50 closed up 167.95 points, or 0.75%, to conclude at 22,570.35.

On the day of the monthly expiration, the markets started moving upward again and gained almost 1%. Nifty fluctuated wildly in the first half, but a consistent increase in a few heavyweight stocks in the second half fundamentally altered the mood. It eventually leveled out at 22,570, which was the high point for the day. The shift was aided by most industries, with the major gainers being the pharmaceutical, automotive, and energy sectors. The wider indexes saw a 0.5%–0.8% increase as well, according to Ajit Mishra, SVP of Technical Research at Religare Broking Ltd.

Mishra further said that the move has opened the door for the Nifty to reach a new high shortly, with solid support now sitting around 22,300. Still, given the selective participation we have been seeing, traders have to concentrate more on picking equities and stick to their “buy on dips” strategy.

Important information before the April 26, 2024, opening of the share market
Wall

According to Bloomberg, statistics that revealed the precise news stock traders did not want to hear—namely, a notable slowdown in the biggest economy in the world and ongoing inflation pressures—shook Wall Street. The tech-heavy Nasdaq Composite closed at 15,611.76, down 100.99 points, or 0.64%. The Dow Jones Industrial Average finished down by 375.12 points, or 0.98%, at 38,085.80, while the S&P 500 fell by 23.21 points, or 0.46%, at 5,048.42.

US Dollar
A rise of 0.01% was seen in the US Dollar Index (DXY), which compares the value of the dollar to a basket of six international currencies, closing at 105.61.

oil Oil: On Friday morning, WTI oil prices were up 0.19% at $83.92, while Brent crude prices were up 0.25% at $89.33.

Asian Markets: On Friday morning, shares in the Asia-Pacific area are trading in a range of directions. The Asia Dow is down 1.60%, while the Nikkei 225 in Japan is down 0.07%, the Hang Seng index in Hong Kong is up 0.48%, and the Shanghai Composite, the benchmark Chinese index, is up 0.27%.

FII and DII Information
According to preliminary data available on the NSE, on April 25, 2024, domestic institutional investors (DII) purchased shares worth net Rs 6,167.56 crore, while foreign institutional investors (FII) offloaded shares worth net Rs 2,823.33 crore.

Ban F&O
On April 26, 2024, the NSE added Vodafone Idea to F&O.

Technical Perspective
Observing the Nifty Technical Outlook The bulls finally got their day, according to Rupak De, Senior Technical Analyst at LKP Securities, as the Nifty finished the day with a large green candle after a string of little candles, indicating strong purchasing activity throughout the day. Furthermore, the 21-day Exponential Moving Average (EMA), a crucial near-term moving average, is still above the index. Furthermore, there is positive momentum in the index value, as shown by the bullish crossing of the RSI momentum indicator. The index may continue to be robust in the near run, with an upside potential of 22750–22800. The lowest limit of support is found at 22450.

Bank Nifty Prospects
“The BankNifty index shown notable bullish vigor throughout today’s trading session as it overcame the immediate barrier of 48300. This momentum indicates a robust recovery by the bulls. The index is still in a purchase condition; strong support is seen near 48000, where there is the most put side open interest. According to Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities, “the index also found strong support at its 20DMA during today’s session, leading to a notable reversal, indicating potential further upside towards the 49000/50000 mark.”