Aug 6, 2023
Nifty to top 17900 or more correction on cards? 7 things to know before share market opens
Indian benchmark indices are likely to open on a positive note, hinted SGX Nifty. On the Singapore Exchange, Nifty futures were in the green at 17834 level. In the previous session, BSE Sensex fell 251 pts to 60,432, while NSE Nifty 50 declined 86 pts to 17,771. “Market to remain lacklustre as investors await key economic data on global as well as domestic front to provide some clear direction. Domestic CPI inflation jumped to 6.52% in January, while the US would release its monthly CPI data on Tuesday along with Europe’s GDP numbers. Auto and Capital goods stocks likely to do well on the back of good quarterly results,” said Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services.
Key things to know before share market opens
Global market watch: Asia-Pacific markets were all higher on Tuesday as investors await the release of the US consumer price index report, which will shape the Federal Reserve’s path ahead. Japan’s Nikkei 225 rose 0.68%, and South Korea’s Kospi started the day 0.5% higher. Hong Kong’s Hang Seng index opened 0.34% higher. In mainland China, the Shanghai Composite climbed 0.72%. Overnight in the US, the three major indexes closed sharply higher. The S&P 500 climbed 1.15%, Nasdaq gained 1.48%, and Dow Jones Industrial Average rose 1.11%.
Key level to watch: Nifty has support at 17,729 followed by 17,691 and then 17,630. If the index moves up, the key resistance levels to watch out for are 17,852, followed by 17,890 and 17,951. Meanwhile, Bank Nifty has support at 41,175, followed by 41,056 and 40,863. On the upside, key resistance levels are 41,560, followed by 41,679, and 41,872.
FII and DII data: Foreign institutional investors (FII) bought shares worth Rs 1,322.39 crore, while domestic institutional investors (DII) purchased shares worth Rs 521.69 crore on 13 February, according to the provisional data available on NSE.
Stocks under F&O ban on NSE: The National Stock Exchange BHEL, Punjab National Bank (PNB), Ambuja Cements and Indiabulls Housing Finance stocks on its F&O ban list for 14 February. According to the NSE, the stocks mentioned above are prohibited in the F&O sector because they have exceeded 95% of the market-wide position limit (MWPL). During the F&O ban period, no new positions are permitted for F&O contracts in that stock.
Crude Oil prices slide: Oil prices fell in early Asian trade on Tuesday after the U.S. government said it will release more crude from its Strategic Petroleum Reserve (SPR) and on other reports that more supply is coming into the market. Brent crude futures fell by 82 cents, or 1%, to $85.79 per barrel by 0132 GMT, while U.S. crude futures fell by $1.04, or 1.3%, to $79.10 per barrel.
Q3 Results today: Adani Enterprises, Eicher Motors, Grasim Industries, ONGC, Apollo Hospitals Enterprises, Aster DM Healthcare, Bata India, Bharat Forge, Biocon, Bosch, CESC, GMR Airports Infrastructure, Indiabulls Housing Finance, Ipca Laboratories, NBCC (India), NMDC, PI Industries, PNC Infratech, Prestige Estates Projects, Radico Khaitan, Siemens, Spencers Retail, SpiceJet, Swan Energy, and Torrent Power will report their quarterly earnings on 14 February.
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