GIFT Nifty indicated that Indian equity indices BSE Sensex and NSE Nifty 50 might see a higher opening on Tuesday. Here is all you need to know before the market opens.
GIFT Nifty was up 27.50 points, or 0.11%, at 24,548 indicating a positive start for the domestic indices NSE Nifty 50 and BSE Sensex on Tuesday. Previously, on Monday, the NSE Nifty 50 closed 21.65 points or 0.09% higher to finish at 24,509, while the BSE Sensex jumped 102.57 points or 0.13% to finish at 80,502.08.
Key things to know before share market opens on July 23, 2024
Nirmala Sithraman to present Budget
Finance Minister Nirmala Sitharamn will be presenting the Budget for the FY25 on July 23, 2024. She will be presenting her seventh straight budget, surpassing the record of Morarji Desai of presenting six budgets. Its raining expectations, especially for the middle class and the all important income tax slabs. All eyes are on Finance Minister Nirmala Sitharaman as this first full Budget from the Modi 3.0 Cabinet is the most watched for. How does the Government plan to align allocation in sync with Prime Minister Modi’s ‘Viksit Bharat 2047’ along with demands of the NDA coalition parts.
Wall Street
US markets rose higher on the back of tech stocks as investors were buoyed by Joe Biden’s exit from the presidential race. The broader market index, the S&P 500, gained over 1% to close at 5,564.41. Similarly, the tech-heavy Nasdaq Composite added 1.58% to settle at 18,007.57. The Dow Jones Industrial Average advanced 127.91 points, or 0.32%, to end at 40,415.44.
US Dollar
The US Dollar Index (DXY), which measures the dollar’s value against a basket of six foreign currencies, was trading down 0.03% at 104.27 on Tuesday morning.
Crude Oil
WTI crude prices were trading at $78.51 up by 0.32%, while Brent crude prices were trading at $82.58 up by 0.48%, on Tuesday morning.
Asian Markets
Asian markets inched higher tracking overnight gains in the US markets. Japan’s Nikkei 225 rose 0.33% to 39,731. The Korean index Kospi was up 0.37% at 2,774. The Asia Dow was trading 0.35% lower at 3,602.36. The benchmark Chinese index Shanghai Composite was trading 0.13% lower at 2,960.50.
FII, DII Data
Foreign institutional investors (FII) bought shares net worth Rs 3,444.06 crore. However, domestic institutional investors (DII) sold shares net worth Rs 1,652.34 crore on July 22, 2024, according to the provisional data available on the NSE.
F&O Ban
Chambal Fertilisers and Chemicals, GNFC, Bandhan Bank, Hindustan Aeronautics, India Cements, Piramal Enterprises, and SAIL were in the F&O Ban on July 23.
Technical View
“On the daily charts, we can observe that Nifty has retested the breakout level of 24400 and has witnessed buying interest. The daily and hourly momentum indicator has a negative crossover which is a sell signal. Thus, the price is holding on to support while momentum is suggesting weakness. Given the budget announcement volatility is expected to be high. Crucial support levels to be kept handy are 24265 (20-day moving average) and 24000 (23.6% Fibonacci retracement level. On the upside a breakout above 24860 can lead to a rise towards 25530,” said Jatin Gedia, Technical Research Analyst at Sharekhan by BNP Paribas.
Bank Nifty Outlook
On Monday a day ahead of budget, Bank Nifty again retested the support zone of 52100 – 51900 and witnessed buying interest. It has been holding on to the support zone. A breach below 51900 – 51800 can lead to a decline towards 51260 (40-day moving average) and 50600 (38.2% Fibonacci retracement level of rally 46027 – 53358). On the upside, 53000 – 53200 is the immediate hurdle zone and a breakout above 53350 can lead to a rally towards 54900 – 55000,” said Jatin Gedia, Technical Research Analyst at Sharekhan by BNP Paribas.
