India Pulse Update

Monday’s market closes at a record high; can the Nifty continue to rise? Before the market opens, see the GIFT Nifty, FII statistics, F&O ban, crude, and more

<p>The Indian market indexes, BSE Sensex and NSE Nifty 50, might have a dull start on Tuesday, according to GIFT Nifty. Before the market begins, make sure you know this information.</p>
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<p>The GIFT Nifty opened at 22,180, up barely 8.50 points, or 0.04%, suggesting that the BSE Sensex and NSE Nifty 50 had a dull start to the day. Earlier on Monday, the BSE Sensex climbed by 281.52 points, or 0.39%, to 72,708.16, while the NSE Nifty 50 finished up by 81.55 points, or 0.37%, to conclude at 22,122.25.</p>
<p>“Domestic Equities reached record highs, with the Nifty reaching new heights of 22186.65 before concluding at 22122, up 81 points. Along with the benchmark, the midcap and smallcap indexes saw strong growth. The majority of the sectors had green endings. Realty, PSU Bank, and IT were the laggards today, while Consumer Durables, Pharma, and FMCG were the top gainers, according to Siddhartha Khemka, Head of Retail Research at Motilal Oswal Financial Services Ltd.</p>
<p>Khemka also said that, in light of President’s Day, the US equities market is closed today. In general, we anticipate that the market will keep rising as long as global signals continue to support it. The US announced CPI and PPI statistics that were above expectations, which soured feelings. As a result, the US Fed meeting minutes, which would be issued later this week, would be significant.</p>
<p>Important information before the February 20, 2024, opening of the share market<br />
<p>After a week that saw the S&P 500 break new records and European shares come up just short of that threshold, stocks and U.S. equity futures remained stable in quiet trade as investors sought fresh catalysts, with Bloomberg reporting. The tech-heavy Nasdaq Composite closed at 15,782.61, down 123.56 points, or 0.78%. The Dow Jones Industrial Average finished down by 156.04 points, or 0.40%, at 38,617.08, while the S&P 500 fell by 23.58 points, or 0.47%, at 5,006.15.</p>
<p>US Dollar<br />
A rise of 0.03% was recorded at 104.32 for the US Dollar Index (DXY), which compares the value of the dollar to a basket of six international currencies.</p>
<p>Basic Petroleum<br />
On Tuesday morning, the price of WTI oil is down 0.72% at $78.12, while the price of Brent crude is down 0.37% at $83.25.</p>
<p>Asian Markets: On Tuesday morning, shares in the Asia-Pacific area are trading in a range of directions. The Asia Dow is up 1.39%, while the Nikkei 225 in Japan is up 0.07%, the Hang Seng index in Hong Kong closed down by 1.13%, and the Shanghai Composite, the benchmark Chinese market, closed up by 1.56%.</p>
<p>FII and DII Information<br />
According to preliminary data available on the NSE, on February 19, 2023, domestic institutional investors (DII) purchased shares worth net Rs 452.70 crore, while foreign institutional investors (FII) offloaded shares worth net Rs 754.59 crore.</p>
<p>Ban F&O<br />
On February 20, 2024, the NSE welcomed Aditya Birla Fashion, Ashok Leyland, Bandhan Bank, Biocon, Canara Bank, Hindustan Copper, India Cement, Indus Tower, National Aluminium, Sail, and Zee Entertainment Enterprise.</p>
<p>Technical Perspective<br />
Observing the Nifty Technical Outlook According to Rupak De, Senior Technical Analyst at LKP Securities, Nifty has risen above the hourly chart’s swing high, indicating a rise in confidence. In addition, there has been an upward breakout after the recent consolidation that has been seen. Additionally, the RSI momentum indicator points to a favorable change in momentum. The general mood seems to be setting up Nifty for a possible short-term rise towards 22,500–22,600. The closest vital assistance is located at 22,000 feet.</p>
<p>Bank Nifty Prospects<br />
On the daily chart, the index created a doji candle, indicating market hesitancy. The general undertone is still optimistic despite this, indicating a purchase strategy. The upward resistance is located around 46700, and a close above this level is probably going to lead to further short-covering movements in the direction of 48000. According to Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities, “On the downside, the immediate support is at 46000, coinciding with the area of the highest open interest on the put side, indicating a crucial level for potential price movements.”</p>

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