Will the Nifty stabilize or will it reach a new 52-week high over 22,250? 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 Wednesday, according to GIFT Nifty. Before the market begins, make sure you know this information.

GIFT Nifty opened higher on Wednesday, up 31 points, or 0.14%, to 22,265.50, signaling a strong start for the national indexes NSE Nifty 50 and BSE Sensex. The BSE Sensex increased by 349.24 points, or 0.48%, to 73,057.40 on Tuesday, while the NSE Nifty 50 finished up by 74.70 points, or 0.34%, to conclude at 22,196.95.

“For the sixth day in a row, domestic stocks increased, moving into previously untested ground. Nifty recovered from a slow start to close in the green and reached a new high above the 22200 zone. At 22197 levels, the index closed up 75 points. However, a broader market ended up losing money. Siddhartha Khemka, Head of Retail Research at Motilal Oswal Financial Services Ltd., said that the industry was mixed, with purchases seen in the banking, financial, and real estate sectors.

Additionally, Khemka said, “We expect market sentiment to strengthen further as there is a strong possibility of a pre-election rally.” Furthermore, the market is strong as seen by the BSE market cap, which reached a record high of $4.7 trillion. Investors across the world are anticipating the publication of the US FOMC meeting minutes because they might provide some information about the US Fed’s future course.

The U.S. stock market was pulled down from its peak by big tech, and Wall Street is waiting for Nvidia Corp.’s results on Wednesday to see whether the company can live up to the very high standards set by the artificial intelligence revolution, according to Bloomberg. The tech-heavy Nasdaq Composite closed at 15,608.50, down 167.15 points, or 1.06%. The Dow Jones Industrial Average finished down by 66.66 points, or 0.17%, at 38,561.33, while the S&P 500 fell by 28 points, or 0.56%, at 4,977.57.

US Dollar
At 104.05.05, the US Dollar Index (DXY), which compares the value of the dollar to a basket of six international currencies, had a 0.03% decrease in trading.

Basic Petroleum
This morning, WTI and Brent oil prices are up 0.20% and 0.14%, respectively, at $77.19 and $82.46, respectively.

Asian Markets: On Wednesday morning, shares in the Asia-Pacific area are trading in a range of directions. The Asia Dow is now down 0.54%, while the Nikkei 225 in Japan is down 0.26%, the Hang Seng index in Hong Kong closed higher by 0.57%, and the Shanghai Composite, the benchmark Chinese index, closed higher by 0.42%.

FII and DII Information
According to preliminary data available on the NSE, on February 20, 2023, domestic institutional investors (DII) purchased shares worth net Rs 1.491.3 crore, while foreign institutional investors (FII) offloaded shares worth net Rs 1,335.5 crore.

Ban F&O
On February 21, 2024, the NSE added the following companies: Balrampur Chini Mills, Bandhan Bank, Biocon, Canara Bank, GMR Infra, GNFC, Hindustan Copper, India Cement, Indus Tower, National Aluminium, RBL Bank, Sail, and Zee Entertainment Enterprise.

Technical Perspective
Observing the Nifty Technical Outlook According to Rupak De, Senior Technical Analyst at LKP Securities, the Nifty is still rising after a consolidation breakthrough on the daily chart. The trend is still strong since it has managed to hold above both the 21EMA and the psychological threshold of 22000 on a daily basis. On the upper end, if the index clears the 22200 barrier, it may climb towards 22400/22600. 22000 is the bottom end’s recognized support.

Bank Nifty Prospects
“The bulls in the Bank Nifty continued to dominate, closing above the 47000 mark, indicating a robust buying activity. At 46700, immediate support has been formed and is indicated by newly placed lettering. Any decline is seen as a buying opportunity since the index is expected to achieve the short-term goal of 48000, according to Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities.