GIFT Nifty indicated that Indian equity indices BSE Sensex and NSE Nifty 50 might see a positive opening on Thursday. Here is all you need to know before the market opens.
GIFT Nifty was 177.50 points or 0.79% higher at 22,679.50 indicating a positive start for the domestic indices NSE Nifty 50 and BSE Sensex on Thursday. Previously, on Wednesday, the NSE Nifty 50 advanced 736 points or 3.36% to finish at 22,620.35, while the BSE Sensex soared 2,303 points or 3.20% to finish at 74,382.
Key things to know before share market opens on June 06, 2024
Wall Street
The Wall Street or US market closed soared reaching their new lifetime highs as Nvidia led the tech stocks rally and weak labour market data bolstered the hope of an interest rate cut later this year. The tech-heavy Nasdaq Composite jumped 331 points or 1.96% to end at 17,187.90. The S&P 500 advanced 1.18% to 5,354.03. The Dow Jones Industrial Average rose 0.25% to 38,807.33.
US Dollar
The US Dollar Index (DXY), which measures the dollar’s value against a basket of six foreign currencies, traded down 0.16% at 104.08.
Crude Oil
WTI crude prices were trading at $74.55 up by 036%, while Brent crude prices were trading at $78.78 up by 0.48%, on Thursday morning.
Asian Markets
Asian markets were majorly up following the overnight US market gains. Japan’s Nikkei 225 was trading up 380 points or 0.99% at 38,871. Similarly, the Asia Dow was trading 1.41% higher at 3,500.54. However, Hang Seng was a tad down 0.10% to trade at 18,425. The benchmark Chinese index Shanghai Composite was trading down 0.05% to 3,063.97.
FII, DII Data
Foreign institutional investors (FII) sold shares net worth Rs 5,656.26 crore. However, domestic institutional investors (DII) sold shares net worth Rs 4,555.08 crore on June 05, 2024, according to the provisional data available on the NSE.
Technical View
Nifty’s sharp rebound in the second half of the session, closing above the 22,600 level, indicates a potential bullish reversal. “If the price closes above the 22,800 level, it could potentially rise to 23,000 and above in the coming days. On the downside, 22,000 and 21,800 will act as immediate support levels,” said Mandar Bhojane, Research Analyst at Choice Broking.
Bank Nifty Outlook
“The Bank Nifty index saw a sharp recovery from its 200-day moving average, closing above its rising trendline and 21-day EMA. This suggests a buy-on-dip strategy with a stop-loss at 47500. The immediate support level is 47800, while resistance is at 49500,” said Rupak De, Senior Technical Analyst at LKP Securities.