3 weeks ago

Nifty, Sensex outlook: GIFT Nifty slips, crude hits multi-week highs

Nifty, Sensex outlook: GIFT Nifty slips, crude hits multi-week highs
Nifty, Sensex, Nifty Bank outlook for today: GIFT Nifty down 44 pts; key levels to watch · businesstoday.in

Stocks are small pieces of companies that people can buy and sell in a stock market.

In India, investors watch indexes called the Nifty and Sensex to see how the market is doing.

Before the market opens, a special tool called GIFT Nifty acts like a crystal ball, guessing whether prices will go up or down.

This time, GIFT Nifty pointed down, which suggests the Indian market might start the day weakly.

One big reason is oil, which became more expensive because ships may have trouble passing through a very important waterway called the Strait of Hormuz.

High oil prices worry investors, because they can make it costlier for companies to do business.

Meanwhile, softer-than-expected job numbers in the United States made investors feel calmer about interest rates, which helped markets in Japan and other countries.

In India, foreign investors sold some stocks while local institutions bought more, balancing things out.

Experts say the market will likely move up and down within a range, so investors should be patient and careful.

Key facts

GIFT Nifty Futures (Tuesday)
24,615.50, down 44.20 points (0.18%)
Brent crude
$88.00 per barrel, highest since July 31
US crude
$82.45 per barrel
S&P 500 (Monday close)
7,753.12, down 0.06%
Nasdaq Composite (Monday close)
26,605.36, down 0.32%
Spot gold
$4,409.81 an ounce, up 0.5%
India VIX
12.24
Equity flows (Monday)
FPIs net sellers Rs 1,290.29 crore; DIIs net buyers Rs 1,974.76 crore

Quotes

Shrikant Chouhan

Head of Equity Research at Kotak Securities

“Above this level, the market could move up to the 200-day SMA or 24,800-24,850/80,000-80,200. Upside move could continue, lifting the market to 25,000-25,100/80,600-80,900. On the downside, below 24,600-78,400, the market could retest levels of 24,500-24,450/78,100-77,900. A breakdown of 24,450/77,900 could accelerate selling pressure, and it could slip to 24,200/77,200.”
businesstoday.in
“For traders now, 24,650/78,800 and 24,700/79,000 would act as immediate breakout levels. Above these, the market could rally to 24,800–24,850 / 79,300–79,500. On the flip side, below 24,500/78,300, selling pressure may accelerate. Below this, the market could retest levels of 24,400–24,350 / 78,000–77,800.”
businesstoday.in

Sources

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