Will Nifty add gains to rise above 19850 or fall further in trade? See GIFT Nifty, FII data, F&O ban, crude, more before market opens

GIFT Nifty traded flat at 19,868 up merely 0.02%, indicating a lacklustre opening for domestic indices NSE Nifty 50 and BSE Sensex on Friday. Previously, on Thursday, the NSE Nifty 50 ended down by 9.85 points or 0.05% to settle at 19,802, while the BSE Sensex ended flat at 66,017.81 down merely by 5.43 points or 0.01%.

“It turned out to be a dull session as the benchmark ended unchanged after trading in a narrow band. After the initial uptick, Nifty slipped lower in no time and remained in a tight range till the end. A mixed trend continued on the sectoral front wherein Realty, Oil & Gas and Metal edged higher while Pharma and IT closed in the red. The broader trend also traded in sync wherein Smallcap managed to gain over half a percent,” said Ajit Mishra, SVP – Technical Research, Religare Broking.

Key things to know before share market opens on November 24, 2023

Wall Street

US Markets were shut on Thursday, November 23, 2023, on account of the Thanksgiving holiday.

US Dollar

The US Dollar Index (DXY), which measures the value of the dollar against a basket of six foreign currencies, traded down 0.14% at 103.77.

Crude Oil

WTI crude prices are trading at $76.63 down 0.57%, while Brent crude prices are trading at $81.67 up 0.31%, on Friday morning.

Asian Markets

Shares in the Asia-Pacific region are trading on a mixed note on Friday morning. The Asia Dow is trading up 0.07% and Japan’s Nikkei 225 is up 0.88%, while the benchmark Chinese index Shanghai Composite is down 0.24% and Hong Kong’s Hang Seng index is trading down 1.10%.

FII, DII Data

Foreign institutional investors (FII) purchased shares worth net Rs 255.52 crore, while domestic institutional investors (DII) added shares worth net Rs 457.39 crore on November 23, 2023, according to the provisional data available on the NSE.

F&O Ban

The NSE has added Balrampur Chini Mills, RBL Bank, Hindustan Copper, Indiabulls Housing Finance, HPCL, India Cements, Manappuram Finance, MCX India and Zee Entertainment to its F&O ban list for November 24, 2023.

Technical View

Commenting on the technical outlook of the NSE Nifty 50, Jatin Gedia – Technical Research Analyst at Sharekhan by BNP Paribas, said,”On the daily charts we can observe that Nifty made an attempt to break above 19,850 however today it was unable to do so. The structure is still positive and unless it does not breach below 19,700 we can expect the Nifty to target 19,930 from a short-term perspective. Daily momentum indicator has a positive crossover which is a buy signal and hence intraday dips should be bought into. In terms of levels 19,850 – 19,875 is the immediate hurdle while 19,720 – 19,700 is the crucial support zone from a short-term perspective.”

Bank Nifty Outlook

The Bank Nifty index gained over 127.90 points or 0.29% to settle at 43,577.50 on Thursday. “The Bank Nifty index maintained its sideways momentum, crucially holding the support level at 43,300, which stands as a make-or-break point for the index. The immediate hurdle for further upside is positioned at 43,700, and a breakthrough above this level is anticipated to lead to additional gains toward 44,000, where substantial call writing is evident. Conversely, a breach of the support level may result in further corrective moves towards 42,800-42,700 levels,” said Kunal Shah, Senior Technical & Derivative analyst at LKP Securities.