GIFT Nifty indicated that Indian equity indices BSE Sensex and NSE Nifty 50 may see a positive opening on Friday. Here is all you need to know before the market opens.

GIFT Nifty traded up 50 points or 0.23% at 22,078.00 indicating a positive opening for domestic indices NSE Nifty 50 and BSE Sensex on Friday. Previously, on Thursday, the NSE Nifty 50 gained 70.70 points or 0.32% to settle at 21,910.75, while the BSE Sensex closed 227.55 points or 0.32% higher at 72,050.38.

Key things to know before share market opens on February 16, 2024

Wall Street

The equity indices in the US closed in the green. The Dow Jones Industrial Average gained 348.85 points, or 0.91% to 38,773.12. The tech-heavy Nasdaq Composite advanced 0.30% at 15,906.17. While the S&P 500 inched up 0.58% to settle at 5,029.73. 

Will Nifty reclaim 24,900 on Thursday? See GIFT Nifty, FII data, F&O, crude, and more before market opens Will Nifty continue to see positive momentum from 24,300 on Friday? See GIFT Nifty, FII data, F&O, crude, and more before market opens Will Nifty hold 24,300 on Tuesday? See GIFT Nifty, FII data, F&O, crude, and more before market opens Will Nifty hold 25,000 on Friday? See GIFT Nifty, FII data, F&O, crude, and more before market opens

US Dollar 

The US Dollar Index (DXY), which measures the dollar’s value against a basket of six foreign currencies, traded higher, 0.08% at 104.38.

Crude Oil

WTI crude prices are trading at $78.05 up by 0.02%, while Brent crude prices are trading at $82.74 down by 0.14%, on Friday morning.

Asian Markets

Asian equity indices were trading in the green tracking positive sentiments from US Market on Thursday. Japan’s Nikkei 225 was up 1.17% at 38,605.65. Hong Kong’s Hang Seng index was up 0.41% at 15,944.63. Similarly, the Asia Dow was trading up by 1.05%. The benchmark Chinese index Shanghai Composite remained shut due to the Chinese New Year. 

FII, DII Data

Foreign institutional investors (FII) sold shares net worth Rs 3,064.15 crore. However, domestic institutional investors (DII) bought shares net worth Rs 2,276.93 crore on February 15, 2024, according to the provisional data available on the NSE.

F&O Ban
Aditya Birla Fashion, Ashok Leyland, Balrampur Chini Mills, Bandhan Bank, Biocon, Canara Bank, Delta Corp, Hindustan Copper, India Cement, Indus Tower, Sail, Zee Entertainment Enterprise.

Technical View

Commenting on the technical outlook Jatin Gedia, a technical research analyst at Sharekhan by BNP Paribas, said that the Nifty opened with gains and traded with a positive bias throughout on Thurday. On the daily charts, observations are  that after the sharp runup in the previous trading session the is holding on to the gains and also minor dips are being bought into suggesting buying interest. 

“The daily momentum indicator has triggered a positive crossover, which is a buy signal. Thus, both price and momentum indicators suggest a continuation of the up move. On the upside immediate hurdle is placed at the 22100 – 22130 zone while the support zone has shifted higher towards 21770 – 21750,” Gedia said.

Bank Nifty Outlook

Bank Nifty managed to close above the 20- and 40-day moving averages (45597 & 46084) on Thursday, which is a sign of strength, and with the daily momentum indicator having a positive crossover should provide speed to the up move. On the upside, Bank Nifty can rally towards 46600 – 47000 from a short-term perspective, said Jatin Gedia, technical research analyst at Sharekhan by BNP Paribas.